The Rite Remedy

Can Rite Aid's new CEO restore its vital signs?

Sales at Rite Aid are up a healthy 9%, and most of its nearly 4,000 locations are jammed with customers in search of a cure for everything from pimples to arthritis. So why are Wall Street wags calling it Wrong Aid?

While rivals like CVS and Walgreens are enjoying record profits, the nation's second largest drugstore chain is saddled with billions of dollars in debt and caught in the crosshairs of an SEC investigation into its questionable accounting practices. For months the bad news has been relentless: In mid-October the board forced out CEO Martin Grass and announced that pretax...

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