Albertsons, Rite Aid terminate merger

[Kevin.Mero]

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Albertsons and Rite Aid on Wednesday evening announced that they had mutually decided to terminate the proposed merger of the Boise, Idaho-based grocery retailer and the Camp Hill, Pa.-based retail pharmacy chain. The termination came a day before Rite Aid was set to hold a special shareholders meeting at which the company has been urging its shareholders to vote in favor of the merger.

Albertsons, Rite Aid terminate merger - Drug Store News

 

[Prepharm1214]

Rite aid is in a hole regardless but this wasn't the right merger for them to take. Albertsons has 10b+ in debt and it's at awful interest rates close to 10%. Both companies are bleeding money but as a RA employee I am glad this didnt pass, RA has better odds of survival away from albertsons.

 

[Kevin.Mero]

Rite aid is in a hole regardless but this wasn't the right merger for them to take. Albertsons has 10b+ in debt and it's at awful interest rates close to 10%. Both companies are bleeding money but as a RA employee I am glad this didnt pass, RA has better odds of survival away from albertsons.

Great background info, was not aware. If you were to guess what do you think each company will do now?

 

[Prepharm1214]

Rite aid will continue to look for another merger or possibly sell their remaining stores. Their pbm entity is desirable but it's on the small side when you factor that the biggest 3 pbms own like 75% of the market. They can't survive long term as a standalone company without big changes.

I don't know much about Albertsons next move but they're in rough shape too. The grocery business is run on the thinnest of margins like 1-3% profit. That coupled with their bad debt will be an ominous future.

 

[Kevin.Mero]

Rite aid will continue to look for another merger or possibly sell their remaining stores. Their pbm entity is desirable but it's on the small side when you factor that the biggest 3 pbms own like 75% of the market. They can't survive long term as a standalone company without big changes.

I don't know much about Albertsons next move but they're in rough shape too. The grocery business is run on the thinnest of margins like 1-3% profit. That coupled with their bad debt will be an ominous future.

All very interesting, thanks for the comments! But now I'm nervous re your PBM point. This break-up may be just want Mr. Bezos wanted. Could RA's PBM be just what Amazon needs to acquire next?

 

[maria1oh]

Rite aid could split up into west coast and east coast regional chains.

 

[pyxisdust]

all of this has got me so depressed lately. Anyone else worried about losing their job?

 

[Lnsean]

all of this has got me so depressed lately. Anyone else worried about losing their job?

You'll be fine. With all the doom and gloom talk, I don't know a single pharmacist that is unemployed.

 

[owlegrad]

You'll be fine. With all the doom and gloom talk, I don't know a single pharmacist that is unemployed.

How is that possible? I know several, even without counting pharmacists I only know through school.

 

[Momus]

How is that possible? I know several, even without counting pharmacists I only know through school.

Same, I know at least 4 without jobs... Can't even get an interview, one moving out of state. My floaters are part timer new grads.

 

[Sine Cura]

In my area at least four Rite-Aid locations (not part of the Walgreens merger) have closed this year with records sold to the nearest pharmacy (CVS, Walgreens). Three of those were in bad locations so working in a bad area didn't save these pharmacists.. Given the current market conditions I wouldn't be surprised if all those pharmacists were let go.

I consider my own job to have a short shelf-life. I wouldn't count on making it to 10 years in the same location.

 

[Lnsean]

How is that possible? I know several, even without counting pharmacists I only know through school.

Damn really? Most the ones I know are retail. Yea, they're mostly miserable but they all have jobs. I'm in a pretty saturated area too...maybe it's due to the fact we all graduated a number of years ago.

 

[CetiAlphaFive]

You'll be fine. With all the doom and gloom talk, I don't know a single pharmacist that is unemployed.

I know a few.

I also field calls from desperate new(ish) grads from California/Washington/new York who cold call looking for work because they want to live the Austin ™ life.

 

[Modest_anteater]

all of this has got me so depressed lately. Anyone else worried about losing their job?

Don't look at it like losing your job. Look at it like your company needs to stay healthy and in order for that to happen they have to Right Size by separating you from the company. Try to re-frame it as a surprise vacation. If you get separated it will also give you a chance to go back to school for an in demand major.

 

[Modest_anteater]

You'll be fine. With all the doom and gloom talk, I don't know a single pharmacist that is unemployed.

You must not know many pharmacists. I know some unemployed and some even working fast food or walmart stocking. Many more underemployed.Though I would say 90% of the pharmacists I know are currently employed...for now...

 

[Lnsean]

I know a few.

I also field calls from desperate new(ish) grads from California/Washington/new York who cold call looking for work because they want to live the Austin ™ life.

Yea most of the ones I know have been working for a few years now...probably considered mid-career now. I keep hearing how tough it is to find a job but then I look around and everyone has a job...just curious...must be a new grad thing.

 

[Lnsean]

You must not know many pharmacists. I know some unemployed and some even working fast food or walmart stocking. Many more underemployed.Though I would say 90% of the pharmacists I know are currently employed...for now...

I think it has to do with most of them being in mid-career. They all have stable jobs even though everyone is miserable. As for how the market is looking for the new grads...i dunno.

 

[maria1oh]

I know several stuck floating and have base pay of 30 hr/week

 

[pyxisdust]

In my area at least four Rite-Aid locations (not part of the Walgreens merger) have closed this year with records sold to the nearest pharmacy (CVS, Walgreens). Three of those were in bad locations so working in a bad area didn't save these pharmacists.. Given the current market conditions I wouldn't be surprised if all those pharmacists were let go.

I consider my own job to have a short shelf-life. I wouldn't count on making it to 10 years in the same location.

you sure they were not part of the merger? Walgreens ended up closing a lot of the rite aids they bought . To add to the confusion...many (if not all) of the rite aids that are going to walgreens still display "Rite aid" sign on their store.

see...
Future of former Rite Aid stores in question | Hudson Valley 360
Walgreens to close 600 Rite Aid stores

 

[Sine Cura]

California RA not part of the wags acquisition.

 

[DrVader]

You'll be fine. With all the doom and gloom talk, I don't know a single pharmacist that is unemployed.

"That will never happen" is the mother of all **** ups.

 

[Momus]

Maybe, Amazon will pick it up once Rite Aid drops for $1/share loool

 

[BidingMyTime]

You must not know many pharmacists. I know some unemployed and some even working fast food or walmart stocking. Many more underemployed.Though I would say 90% of the pharmacists I know are currently employed...for now...

Seriously, you know licensed pharmacists working as a stocker in Walmart or working fast food? They can't even get a job at the Walmart as an assistant manager? It seems like there are so many entry level jobs that want a college degree (a degree in anything), that even if a pharmacist couldn't get a job as a pharmacist, they could get a slightly better job than fast food or retail stockboy.

 

[Secret_Informant]

Seriously, you know licensed pharmacists working as a stocker in Walmart or working fast food? They can't even get a job at the Walmart as an assistant manager? It seems like there are so many entry level jobs that want a college degree (a degree in anything), that even if a pharmacist couldn't get a job as a pharmacist, they could get a slightly better job than fast food or retail stockboy.

I have been getting calls for health insurance sales from some companies and even one IT company for a pharmaceutical analyst position. The health insurance company interviews and outreaches were are all sales positions, but such opportunities are better than no job at all, especially in FL. Some insurance companies even offer a direct salary package with the potential to make a salary similar to a pharmacist. It is based on the sales company's measure of performance (of course).

However, the IT company has a website that had a variety of misspellings and grammar mistakes so I doubted their use and declined the direct-hire offer. The IT company also wanted $800 up-front for training that lasts 3 weeks. They wanted a decision within 4 days with no in-person interview required. It seemed sketchy so I denied the IT opportunity.

 

[BidingMyTime]

However, the IT company has a website that had a variety of misspellings and grammar mistakes so I doubted their use and declined the direct-hire offer. The IT company also wanted $800 up-front for training that lasts 3 weeks. They wanted a decision within 4 days with no in-person interview required. It seemed sketchy so I denied the IT opportunity.

Ya think? A real job doesn't require you to pay for training (maybe, a big maybe the cost of a certification, but not training.)

 

[Kevin.Mero]

The job market for Pharmacists continues to cool. I was exchanging emails recently with a Director, Pharmacy Residency Programs. He tells me they have graduates as far back as their 2015 class still looking for their first full-time job!

 

[Gombrich12]

The job market for Pharmacists continues to cool. I was exchanging emails recently with a Director, Pharmacy Residency Programs. He tells me they have graduates as far back as their 2015 class still looking for their first full-time job!

I assume these people are working PRN jobs? Your anecdote makes me wonder how long people will fight for jobs before they give up being a pharmacist and start looking for other jobs or going back to school. It's very common for people to go to law school and never be able to find a job as a lawyer, I guess that's where pharmacy is heading.

 

[Kevin.Mero]

I assume these people are working PRN jobs? Your anecdote makes me wonder how long people will fight for jobs before they give up being a pharmacist and start looking for other jobs or going back to school. It's very common for people to go to law school and never be able to find a job as a lawyer, I guess that's where pharmacy is heading.

Yes, I assume most are working but it's something less than full-time. However I am aware of a number of new grads, some as far back as 2016, who have not been able to find work of any kind. In some of those cases there has been extenuating circumstances but their chances of finding work after being out of pharmacy for 1-2 years is slim to none. Some tell me they are going to pick up and move but when I ask them where they have no idea. "Someplace where the jobs are" is the normal response. But we are quickly reaching equilibrium, there is no safe haven unless you have the right professional background. Re the correlation to lawyers, yes, it's following the same course

 

[Momus]

IT company also wanted $800 up-front for training that lasts 3 weeks. They wanted a decision within 4 days with no in-person interview required. It seemed sketchy so I denied the IT opportunity.

It's a scam.

 

[sozetone]

all of this has got me so depressed lately. Anyone else worried about losing their job?

yes! nearly every day. I've decided not to practice anymore. I'm 39 and exhausted.

 

[Hels2007]

all of this has got me so depressed lately. Anyone else worried about losing their job?

In my area, layoffs have been an occupational hazard for the past fifteen-twenty years. Most people in industry have been laid off at least once, myself included. Sure, I worry as heck because now I have a house and a mortgage, whereas last time I was able to move at the drop of a hat and the only debt I had were some $20K remaining in student loans (what I owe on my mortgage is more than 13 times that, given that I am in one of the most expensive parts of the country). But I figure that I am qualified to do about five different jobs - surely at least one of them will work out, sooner or later. I have cash enough for three years. And if all else fails (I have plan B, C, D etc.) I can always go back to the village where my Grandma was from, buy a small farm, and ask my cousins who are still there to teach me to live off the land. 🙂

 

[sozetone]

Don't look at it like losing your job. Look at it like your company needs to stay healthy and in order for that to happen they have to Right Size by separating you from the company. Try to re-frame it as a surprise vacation. If you get separated it will also give you a chance to go back to school for an in demand major.

Hes got a point.....you need to de-compress after working pharmacy its so brutal. After 90 days or so, you get back up and do something else. Sure maybe it pays a ton less, but i have come to accept that. The student loan company will get what i can pay. you cant get blood from a stone.

 

[Modest_anteater]

Hes got a point.....you need to de-compress after working pharmacy its so brutal. After 90 days or so, you get back up and do something else. Sure maybe it pays a ton less, but i have come to accept that. The student loan company will get what i can pay. you cant get blood from a stone.

Exactly. This is why I think if you can't pay it's best to drop out. shut off your phone. move back home and live the good NEET life free from the stresses of this world. I have known too many ppl that killed themselves. Better to move home and spend time with your loved ones and not work than to SLAVE for peanuts in a dying profession.

 

[sozetone]

Exactly. This is why I think if you can't pay it's best to drop out. shut off your phone. move back home and live the good NEET life free from the stresses of this world. I have known too many ppl that killed themselves. Better to move home and spend time with your loved ones and not work than to SLAVE for peanuts in a dying profession.

yeah man, just recently, i know of a pharmacist shot himself in the head.....you cant take what happened too seriously....its not our fault, and your loans are large yeah, mine too, but a lousy credit score above ground, beats a bullet to the head....

 

[Modest_anteater]

yeah man, just recently, i know of a pharmacist shot himself in the head.....you cant take what happened too seriously....its not our fault, and your loans are large yeah, mine too, but a lousy credit score above ground, beats a bullet to the head....

Yeah everyone thinks I'm joking when i say to fully engage in the NEET life. There is a serious mental health crisis effect many pharmacists and dropping out of society is a serious alternative to suicide.