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BUSINESS
By JAY HANCOCK | June 26, 2002
SOMEWHERE on the continental shelf beneath the Atlantic, or maybe in the mud at the bottom of Prettyboy Reservoir or the Susquehanna River, lies a waterlogged memorial to 21st-century corporate scandal, a picture painted by U.S. prosecutors suggests. It's a computer. The machine's hard drive allegedly bears traces of what the Justice Department claims was an extensive conspiracy of lies, forgeries and cover-ups at the Rite Aid drugstore chain, based in Camp Hill near Harrisburg, Pa. Probably nobody but former Rite Aid executives Martin L. Grass and Franklin C. Brown knows what water the appliance is polluting.
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BUSINESS
By June Arney and June Arney,sun reporter | June 5, 2007
Rite Aid Inc. took over 25 Eckerd stores in Maryland yesterday, including nine in the Baltimore region, shoring up its position as the second-largest drugstore chain in the state. The Maryland stores are part of Rite Aid's $4 billion deal for the Brooks and Eckerd chains, which was announced in August and completed yesterday. In all, Rite Aid bought 1,854 Brooks and Eckerd stores, and six distribution centers in 18 states, making it the largest drugstore chain on the East Coast, the company said.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,SUN STAFF | May 28, 2004
HARRISBURG, Pa. - Martin L. Grass inherited a kingdom. The son of the founder of Rite Aid Corp. presided over the boom years of one of America's top drugstore chains, earning $1 million a year. He lived on a 10-acre estate in Greenspring Valley, hobnobbed with Baltimore's elite in arts and health circles and was featured as a rising star executive in Fortune magazine. Yesterday, Grass' world of wealth and privilege shattered as a federal judge sentenced the former Rite Aid chief executive to eight years in prison for orchestrating a $1.6 billion accounting fraud and covering it up. The scandal erased nearly 90 percent of shareholder value and almost tipped the retailer into bankruptcy.
BUSINESS
By BLOOMBERG NEWS | September 24, 2004
CAMP HILL, Pa. - Rite Aid Corp., the No. 3 U.S. drugstore chain, reported an unexpected second-quarter profit of $9.83 million as inventory costs and interest expenses declined. The company said yesterday that it broke even on a per-share basis, compared with a loss of $10.6 million, or 4 cents, a year earlier. The drugstore chain was expected to post a loss of 2 cents. Chief Executive Officer Mary Sammons is reducing debt incurred when the company's former management bought six chains beginning in 1995.
BUSINESS
March 4, 2001
Martin L. Grass, the ousted chairman of Rite Aid Corp., has put his 16,000- square-foot Green Spring Valley estate home on the market for $3.975 million, the highest listed price for a residence in Baltimore County history, according to local real estate agents. The property gained notoriety in the late 1990s when Grass used part of the 16-acre site as a landing pad for his daily helicopter commutes to the company's Harrisburg, Pa., headquarters. The practice led to a number of zoning fights between Grass and his neighbors.
BUSINESS
By BLOOMBERG NEWS | May 27, 2004
HARRISBURG, Pa. - Former Rite Aid Corp. Chief Financial Officer Franklyn M. Bergonzi was sentenced to 28 months in prison yesterday for his role in a $1.6 billion accounting fraud. Former Vice President Philip Markovitz, 63, a 29-year company veteran, was sentenced earlier yesterday to one month in prison and five months of home detention for lying about his role in the fraud. The two are among five former Rite Aid executives being sentenced this week and next. Tomorrow, former Rite Aid Chief Executive Officer Martin L. Grass, son of the company's founder, will be sentenced for conspiring to inflate income at Rite Aid, which resulted in a $1.6 billion reduction in its reported profit in July 2000.
NEWS
By Edward Lee and Edward Lee,SUN STAFF | October 20, 1997
Uncle Y Y's Szechuan, a restaurant that has developed a loyal following in Ellicott City during the past four years, is apparently going to be replaced by a drive-through pharmacy at U.S. 40 and Rogers Avenue.The distinctive restaurant -- painted white with a red roof and green lettering -- closed Sept. 20."We're pursuing other challenges," said Joanne Eshain Lee, daughter of Yuen Yi Lee, the man behind Uncle Y Y's.She said the family plans to open another business in Howard County by 1999, added, "Not being able to devote ourselves full time to the restaurant, the family felt that it was better to pull out instead of hiring others."
NEWS
By Stephanie Hanes and Stephanie Hanes,SUN STAFF | May 30, 2003
In what lawyers believe is the first case of its kind in Maryland, a Baltimore County jury ordered the Rite Aid Corp. yesterday to pay $250,000 to a woman who said she became permanently disabled after following incorrect advice on an information pamphlet enclosed with her Lyme disease antibiotic. Although Baltimore County Circuit Judge John F. Fader II will review many of the lawsuit's complex legal issues at a hearing in August, and although the case will likely go on from there to the Court of Appeals, yesterday's verdict is at least a short-term victory for Ellen Levy Gray, 42, of Owings Mills, a former star athlete who now strains to play with her 3- and 5-year-old children.
NEWS
By Liz Atwood and Liz Atwood,SUN STAFF | June 18, 1999
Rite Aid Chairman Martin L. Grass and his helicopter have stirred up trouble again.The executive -- who ran afoul of Baltimore County regulations two years ago by taking off and landing his helicopter in Green Spring Valley -- touched down Tuesday in the parking lot of Harborview Marina and Yacht Club on Key Highway.Baltimore inspectors fined the marina $500 the same day for allowing the helicopter to take off and land without a permit.Franklin Wise, Harborview's lawyer, said the company allowed Grass to land in the parking lot as a courtesy so that he could attend a meeting and that his comings and goings are not a regular habit.
NEWS
By Donna R. Engle and Donna R. Engle,SUN STAFF | December 12, 1995
A downtown Westminster property that has been on the market for six years could become the site for the city's fourth Rite Aid drugstore.Rite Aid spokesman Craig M. Muckle refused yesterday to confirm or deny rumors that a builder who frequently develops sites for the Camp Hill, Pa.-based drugstore chain is trying to acquire the old Farmers Supply Co. property at Green and Liberty streets.William B. Dulany, trustee for the approximately 70 owners of the Farmers Supply property, said yesterday that he had received a contract through the real estate agent who is marketing the property.
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