Content about Jean Coutu Group

April 23, 2012

The Jean Coutu Group has sold 56 million of its approximately 234.4 million shares in Rite Aid, the company said Friday.

LONGUEUIL, Quebec — The Jean Coutu Group has sold 56 million of its approximately 234.4 million shares in Rite Aid, the company said Friday.

The Canadian retailing group said the $83.6 million, $1.51-per-share sale, which amounts to a nearly 24% reduction in the number of Rite Aid shares the company owns, would reduce its stake in Camp Hill, Pa.-based Rite Aid to 19.85%. The Jean Coutu group still owns about 178.4 million shares in the 4,667-store chain.