UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report: October 19, 2009
Rite Aid Corporation
(Exact name of registrant as specified in its charter)
Delaware |
|
1-5742 |
|
23-1614034 |
(State or Other Jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification Number) |
30 Hunter Lane, Camp Hill, Pennsylvania 17011
(Address of principal executive offices, including zip code)
(717) 761-2633
(Registrants telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD Disclosure.
In connection with Rite Aid Corporations (Rite Aid) previously announced offering of $250 million aggregate principal amount of senior secured notes due 2019 (the Notes), Rite Aid presented information to investors regarding estimated cost savings for fiscal 2010 under certain operating initiatives. Rite Aid estimates that its previously announced segmentation initiatives, which apply tailored operating strategies to Rite Aids high and low volume stores will result in cost savings of approximately $150 million in fiscal 2010. Rite Aid also estimates that its previously announced all-store initiatives, which include a focus on growing prescription count, controlling labor costs, reducing shrink expense, reducing supply chain costs, increasing private brand penetration and reducing working capital, will result in cost savings of approximately $200 million in fiscal 2010. The Company considered the impact of these savings when developing its current guidance for fiscal 2010. The Company expects the positive impact of these savings to be offset by reductions in pharmacy gross margin, caused by reimbursement rate pressures, fewer new generics and the impact of recently implemented AWP cost adjustments on its Medicaid business, and increases in labor rates and benefit costs.
The information in this Item shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.
Item 8.01. Other Events
Copies of certain of the slides presented to investors in connection with Rite Aids offering of the Notes are filed as Exhibit 99.1 and are incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
99.1 Additional Investor Information
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.
Date: October 19, 2009 |
By: |
/s/ Marc Strassler |
|
Name: |
Marc Strassler |
|
Title: |
Executive Vice President, |
|
|
General Counsel and Secretary |
3
Exhibit Index
Exhibit No. |
|
Description |
99.1 |
|
Additional Investor Information |
4