NEW YORK – Pharmacy chain Walgreens and reality star turned entrepreneur Kourtney Kardashian are among those picking over the remaining assets in Rite Aid’s bankruptcy, according to two people familiar with the matter.

In addition to Walgreens (WBA.O), brand management companies Authentic Brands Group (AUTH.N), WHP Global and Marquee Brands have been evaluating Rite Aid’s intellectual property and potentially its loyalty program, according to the people who asked not to be named because the process is private.

All three brand management companies have bought the IP of other retailers out of bankruptcy.

Authentic Brands, which owns Reebok and is a Saks Fifth Avenue investor, bought the IP of fast-fashion chain Forever 21 and luxury seller Barneys out of bankruptcy. WHP Global resurrected Toys “R” Us following its 2017 bankruptcy, while Marquee acquired fashion retailer BCBG Max Azria Group out of bankruptcy.

Kardashian, co-founder of gummy vitamin maker Lemme and owner of wellness and lifestyle website Poosh, has expressed interest in Rite Aid’s ice cream brand Thrifty, the people said.

Rite Aid, which operates about 1,200 stores and has around 8 million customers, filed for bankruptcy in May for the second time in two years.

U.S. Bankruptcy Judge Michael Kaplan already approved store closures and a sale of customer prescription files to 13 buyers including CVS Health (CVS.N), opens new tab and Walgreens.

Brand management firms like Authentic, Marquee and WHP typically buy a brand’s IP and then license it to operating partners which have the manufacturing, design and sales responsibilities.

The pharmacy chain’s Thrifty ice cream brand is sold by the scoop at counters in certain Rite Aid locations or by the carton at Rite Aid and other retailers nationwide. Thrifty launched in 1940 at a small factory in West Hollywood and counts several celebrities as customers, including Kardashian, who could buy the brand by herself or with a partner, the people said.

Some consumer-focused private equity firms are also eyeing Thrifty, the sources said.

Rite Aid, Walgreens, Authentic Brands, and WHP declined to comment. Marquee Brands and representatives for Kardashian did not respond to requests for comment.

The current bid deadline for the remaining assets is June 18 at 5 p.m. ET (2100 GMT).
Pennsylvania-based Rite Aid has struggled under a high debt load, inflationary pressures and increased competition.

Author Credits- Abigail Summerville
Reuters