Technical Aid Corporation history

In November 1971 Rite Aid sold 250,000 new shares of common stock to the public.

When 1972's Hurricane Agnes wrought severe damage on the company's stores in Wilkes-Barre, Pennsylvania, and Elmira, New York, it also damaged the phone and water service at corporate headquarters.

In 1973, despite the Middle East oil embargo and ensuing recession, Rite Aid again began making acquisitions.

By 1974 the Rome distribution center was supplying 131 Rite Aid stores.

By 1976 Rite Aid resumed acquisitions, purchasing the 52-store Keystone Centers, Inc. of Pennsylvania and New Jersey.

In 1977 Rite Aid's private-label products, with almost 900 different items, accounted for 9 percent of its retail sales.

Although the value of the dollar plunged in 1978, Rite Aid's momentum did not.

In 1979 Rite Aid acquired six U-Save stores in North Carolina and eastern Tennessee, as well as nine Shop Rite stores in the Hudson Valley.

In 1980 Rite Aid adopted some new tactics in its growth plan.

By 1981 Rite Aid had become the third largest retail drug chain.

1983: Revenues surpass $1 billion.

By 1984 Rite Aid started expanding beyond its core business.

Rite Aid did not experience major expansion in 1986.

In April 1988 Rite Aid acquired the Begley Company, consisting of 39 drugstores in Kentucky and 140 dry cleaners in ten states, for about $20 million.

Moreover, Rite Aid finalized a deal with Super Rite Foods Holding Corporation in March 1989 to sell its 46 percent interest in Super Rite Foods, Inc.

The company in 1990 continued to focus on the integration of both its past and present acquisitions.

In 1991 Rite Aid added 68 stores and bought prescription records from 65 drugstores in Washington, D.C.

Beginning in 1994 Rite Aid opened 50 state-of-the-art drugstores in New York City, boosting the total to 67 within the city.

In November 1996 the company entered into a joint venture to provide mail-order pharmacy services with Smith Kline Beecham's Diversified Pharmaceutical Services, a leading pharmacy benefit manager.

The corporation also bolstered its advertising in 1998, spending $200 million that year, a 35 percent increase over the ad spending from a few years earlier.

The $1.5 billion deal, financed through short-term borrowing, was completed in January 1999.

In November 2000 the company agreed to pay at least $200 million to settle the class-action suits brought by shareholders contending that the firm's stock had been inflated by falsified bookkeeping.

Sammons was rewarded by being promoted to president and CEO in June 2003, with Miller remaining chairman.

By the third quarter of 2004, Rite Aid was on the verge of a return to steady profitability.

After taking office in 2008, Obama picked up where Bush left off.

November 3, 2011 marked USAID's 50th Anniversary of providing United States foreign development assistance From the American People.