The Rite Aid on B Avenue is expected to become a CSV in September. (Staff photo: Corey Buchanan)

Amid nationwide Rite Aid closures, CVS is planning to take over the downtown Lake Oswego location.

Rite Aid has twice filed for bankruptcy and announced the closures of hundreds of stores nationwide, including the Lake Oswego store on Southwest Boones Ferry Road. CVS confirmed via email that it is planning to acquire and operate the Rite Aid store at 90 B Avenue and the transition will take place Sept. 17. Existing Rite Aid prescriptions would simply be transferred over to CVS and patients don’t have to do anything, CVS said.

The ownership transfer has not yet been approved and is subject to  “applicable regulatory approvals and other customary closing conditions,” CVS said.

Rite Aid has struggled in recent years due to declining revenue, as well as opioid-related lawsuits such as one where it agreed to pay $30 million after being accused of failing to flag suspicious orders of painkillers.