Rite Aid Considers Sale of PCS Systems

Rite Aid Corp. said it hired J.P. Morgan & Co. to help evaluate offers for its PCS Health Systems business, as the nation’s third-largest drugstore company moves to reduce debt. Rite Aid said it has received “indications of interest” in PCS, which manages prescription-drug benefits programs. The retailer, based in Camp Hill, Pa., plans to review all offers. Shares of Rite Aid have tumbled 73% this year on concern about profit as the retailer integrates acquisitions, and on allegations in a lawsuit filed last month in Florida that it overcharged customers. PCS, bought by Rite Aid in January for $1.5 billion, could fetch $3 billion to $4 billion, said Midwest Research analyst Eric Bosshard. Shares of Rite Aid fell 38 cents to close at $13.25 on the Big Board.