JCPenney and Jean Coutu Group
Under the agreement, all of JCPenney’s Thrift Drug unit of drug stores (comprising Thrift Drug, Kerr Drugs, Fay’s Drugs, and some Rite Aid stores) were rebranded to the Eckerd name.
Who bought Eckerds drugstore?
The J. C. Penney Company’s ill-advised foray into the drugstore business ended this morning, when the company announced it had agreed to sell its Eckerd drugstore operations to Canada’s Jean Coutu Group and to the CVS Corporation for a total of $4.53 billion in cash.
Did CVS Buy Out Eckerd’s?
CVS, based in Woonsocket, R.I., and currently the number two drugstore chain, will become the nation’s largest by number of stores when its $2.15 billion cash deal to buy about 1,260 Eckerd stores and its mail-order and pharmacy-benefits business from J.C. Penney Co. becomes final in June.
What happened Eckerds pharmacy?
Indeed, last week’s $4.523-billion breakup and sale of more than 1,200 Eckerd stores to CVS Corp. and 1,500 others to Canadian Jean Coutu Group signaled the end of Eckerd in Florida and other Sunbelt states after a 52-year run. It also ends the last traces of an entrepreneurial family legacy that dates back to 1898.
What came before CVS?
CVS Pharmacy used to be a subsidiary of Melville Corporation, where its full name was initially Consumer Value Stores. Melville changed its name to CVS Corporation in 1996 after Melville sold off many of its nonpharmacy stores.
Who bought Revco Drugs?
In another drugstore chain consolidation, CVS Corp. said yesterday it will acquire Revco DS Inc. for $3.7 billion in stock and assumed debt to form one of the nation’s largest drugstore chains with $13 billion in annual revenues.
Who is Eckerd College named for?
July 1, 1972
After Board of Trustees member Jack Eckerd gives $10 million to Florida Presbyterian College—the College’s single largest gift at the time, the name of Florida Presbyterian College is changed to Eckerd College.
What drug store chain did CVS buy?
CVS Health completes the purchase of Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the U.S.
Who started Eckerd Drugs?
Eckerd Drugs
The Eckerd chain, oldest of the major drugstore companies in the U.S., was founded by Jack’s father, J. Milton Eckerd, in Erie, Pennsylvania in 1898. After serving as a pilot in World War II, Jack Eckerd started a phenomenal expansion of the chain by buying three stores in Florida in 1952.
