Friday, September 5, 2008

drugstore.com Restructures Deal With Rite Aid

Bellevue, Washington-based drugstore.com said Thursday afternoon that the firm has inked a new deal with Rite Aid, to run a new, over-the-counter store for Rite Aid, and has returned the rights to picking up prescriptions back to Rite Aid. drugstore.com said that Rite Aid will pay the firm approximately $10M in ten monthly installments to power the new store, as well as for the rights to online pick up of prescriptions at Rite Aid. Rite Aid previously had a partnership with drugstore.com, where customers of drugstore.com could order a prescription and pick up that prescription at bricks-and-mortar Rite Aid stores. Instead, drugstore.com will help Rite Aid market the pickup service. drugstore.com said the deal would impact its total revenues, but said that the move would "significantly strengthen our overall growth rate and gross margins."