New York -- Canada’s 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 sale, which amounts to a 23.9%% 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.
