Fred’s drugstore chain to double with Rite-Aid store buys

It all started Tuesday, when Fred’s said it would pay $950 million to buy 865 stores that Rite Aid needed to sell in order to appease anti-trust regulators and close its $9.4 billion buyout deal with Walgreens Boots Alliance Inc. The deal will more than double Fred’s current store count of 650. CEO Michael Bloom called it a “transformative event” for the company.