Rite Aid Corporation (NYSE:RAD) has kicked off the yearly Miracle Balloon campaign designed to raise funds for Children’s Miracle Network Hospitals. During the campaign, customers of Rite Aid can offer their support for a local children’s hospital through buying a paper Miracle Balloon worth $1. Rite Aid customers will then get a coupon worth $7 that they can use to buy the company’s products.
Company tradition of more than two decades
Having started the first campaign in 1994, this will be the 23rd year that the fundraising effort will be taking place. Since its inception, the total amount that has been raised so far by the campaign is close to $81 million. Last year, the total amount that was raised reached $6 million. All the raised funds have been channeled to Children’s Miracle Network Hospitals making the pharmaceuticals retailer the sixth biggest corporate sponsor to the pediatric hospitals.
“[Through the annual campaign] we’re able to bring our core value of being a caring neighbor to life, helping to make miracles happen for children being treated at the 95 hospitals we support across the country,” said Rite Aid Corporation’s president Ken Martindale.
Charitable pediatric hospitals
Children’s Miracle Network Hospitals provides charitable care, therapy programs, research, treatments and pediatric equipment to kids who are injured and sick. The network has member hospitals numbering 170 all over North America. Every year the network provides approximately 32 million treatments.
Since over three decades ago, the Children’s Miracle Network Hospitals has raised over $5 billion, with most of that money being raised courtesy of the Miracle Balloon effort. Donations to the network of children’s hospital stay local which means donors get to benefit their immediate community.
With close to 4,600 drug stores in about 31 states as well as in Washington D.C., Rite Aid corporation has a big-enough footprint through which to fundraise. Other than direct donations, associates of the retail chain also host various fundraising activities such as car washes, flower and plant sales, fishing tournaments, golf tournaments and motorcycle rides.
In Tuesday’s early trading house, shares of Rite Aid Corporation ranged between $4.59 and 4.71.