Drugstore operator looks at more sales

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Thursday, Sept. 30, 1999 | 10:39 a.m.

In a bid to stem rising debt, Rite Aid Corp. is considering the sale of more stores and part of its PCS Health Systems division. PCS is a pharmacy benefits manager Rite Aid bought eight months ago for $1.5 billion.

Rite Aid Chief Executive Martin Grass disclosed the plans in an impromptu conference call with securities analysts Wednesday, The Wall Street Journal reported today.

The call, held after the close of the markets, was meant to reassure investors about the Camp Hill, Pa.-based company's prospects amid rising debt and mixed sales results released earlier Wednesday.

Grass also said the company plans to sell 250 of its poorer-performing Western stores. It recently agreed to sell 38 of those stores in California for $186 million.