Retail pharmacy chain Rite Aid has sold about 1.4 million shares of Drugstore.com stock in recent days, a company representative said. One of the major stakeholders in the online pharmacy, Rite Aid still holds about 8 million shares of Drugstore.com stock after the sales. In filings with the Securities and Exchange Commission, Rite Aid estimated that it earned more than $3 million from the sales.
Camp Hill, Penn.-based Rite Aid bought its stake in Drugstore.com for $7.6 million in June 1999 as part of a partnership agreement between the two companies. Under that agreement, Drugstore.com operates Rite Aid's online pharmacy, and Rite Aid promotes Drugstore.com to its in-store customers.