Fred’s Inc. said CVS Health is buying its specialty pharmacy business EntrustRx for $40 million amid the retailer’s effort to execute a financial turnaround.
Fred’s plans to sell its specialty pharmacy business should get plenty of interest from bidders given rampant consolidation among retail drugstore chains.
A year after failing to buy hundreds of Rite Aids, Fred’s is evaluating options for its own retail pharmacy portfolio and “actively pursuing a sale” of its specialty pharmacy business.
Fred’s CEO Michael K. Bloom has resigned as CEO after less than two years in the top job and a failed attempt to buy hundreds of Rite Aids.