Kourtney Kardashian, Walgreens, eyeing bankrupt – Business News
Pharmacy chain Walgreens and actuality star turned entrepreneur Kourtney Kardashian are amongst these selecting over the remaining property in Rite Aid’s chapter, in line with two people conversant in the matter.
In addition to Walgreens, model management corporations Authentic Brands Group, WHP Global and Marquee Brands have been evaluating Rite Aid’s mental property and probably its loyalty program, in line with the people who requested to not be named as a result of the method is non-public.
All three model management corporations have purchased the IP of different retailers out of chapter.
Jourtney Kardashian, co-founder of Lemme and proprietor of wellness and way of life web site Poosh, has expressed curiosity in Rite Aid’s ice cream model Thrifty, sources stated. REUTERS
Authentic Brands, which owns Reebok and is a Saks Fifth Avenue investor, purchased the IP of fast-fashion chain Forever 21 and luxurious vendor Barneys out of chapter. WHP Global resurrected Toys “R” Us following its 2017 chapter, whereas Marquee acquired fashion retailer BCBG Max Azria Group out of chapter.
Kardashian, co-founder of gummy vitamin maker Lemme and proprietor of wellness and way of life web site Poosh, has expressed curiosity in Rite Aid’s ice cream model Thrifty, the people stated.
Rite Aid, which operates about 1,200 shops and has round 8 million clients, filed for chapter in May for the second time in two years.
US Bankruptcy Judge Michael Kaplan already accredited store closures and a sale of buyer prescription information to 13 patrons together with CVS Health and Walgreens.
Brand management corporations like Authentic, Marquee and WHP usually buy a model’s IP after which license it to working companions which have the manufacturing, design and gross sales duties.
The pharmacy chain’s Thrifty ice cream model is bought by the news at counters in sure Rite Aid places or by the carton at Rite Aid and different retailers nationwide.
Rite Aid, which operates about 1,200 shops and has round 8 million clients, filed for chapter in May for the second time in two years. REUTERS
Thrifty launched in 1940 at a small manufacturing facility in West Hollywood and counts a number of celebrities as clients, together with Kardashian, who may buy the model by herself or with a accomplice, the people stated.
Some consumer-focused non-public equity corporations are additionally eyeing Thrifty, the sources stated.
Rite Aid, Walgreens, Authentic Brands, and WHP declined to remark. Marquee Brands and representatives for Kardashian didn’t reply to requests for remark.
The chapter choose already accredited store closures and a sale of buyer prescription information to 13 patrons together with CVS Health and Walgreens. AFP by way of Getty Images
The present bid deadline for the remaining property is June 18 at 5 p.m. ET.
Pennsylvania-based Rite Aid has struggled beneath a high debt load, inflationary pressures and elevated competitors.
