Perry Drug Stores
IndustryRetail
Founded1957
Defunct1995
FateAcquired
SuccessorRite Aid
HeadquartersPontiac, Michigan, United States
Key people
Jack A. Robinson - chief executive officer, founder
David Schwartz - chief operating officer, president
Jerry Stone - chief financing officer, vice president
ProductsRetail, Pharmacy

Perry Drug Stores was an American retail pharmacy chain founded in 1957 in the city of Pontiac, Michigan, United States. At its peak in the 1980s, Perry operated more than 200 drug stores, primarily in the state of Michigan, as well as 200 Auto Works auto parts stores and fourteen A. L. Price discount health and beauty aids outlets. In 1995, Perry Drug Stores was bought out by Rite Aid, a pharmacy chain based in Camp Hill, Pennsylvania. The Perry chain, which at the time comprised 224 stores, was the largest acquisition ever made by Rite Aid. In addition, this acquisition brought the Rite Aid name to the Detroit area for the first time.

History

A former Perry Drugs location (previously Cunningham Drug) in Oscoda, Michigan. Since this picture was taken, the building has been re-tenanted by Goodwill Industries.

Founder Jack A. Robinson opened his first Perry Drug Store in 1957 on Perry Street in Pontiac, Michigan.[1]

In 1978, a prototype Perry store was opened, featuring an expanded sporting goods line, a home and automotive center, and live pets for sale.[2] Auto Works, an automotive parts retail chain, was introduced in 1982.[2]

Twenty-six Cunningham Drug locations were spun off by the chain's owner into a new chain called Apex Drug. By 1985, the Apex Drug locations and several other Cunningham locations were acquired by Perry, while the Cunningham locations in Florida remained in operation.[3]

In 1981, Perry Drug expanded into the Chicago, Illinois market for the first time.[4] (The chain had previously tried to enter Chicago through a failed acquisition of DeKoven Drugs.)[2] A year later, these stores were sold to businessmen Fred Barney and Bill Cartwright, two veteran businessmen who formed the Chicago operations into Perry Drug Chicago.[5]

Several units in Michigan were acquired in 1990 from Revco.[6] This acquisition made Perry the dominant drugstore chain in the Detroit area and expanded Perry's presence to the Upper Peninsula for the first time.[6]

1990s: Sale to Rite Aid

Perry Drug Stores posted a brief period of sharp declines in sales in 1990, with locations in Indiana and Wisconsin being sold off.[7] By 1993, the Perry Drug Chicago locations were re-acquired and liquidated.[8]

After its out-of-state operations were sold, Perry continued to expand its presence within Michigan. Many locations were remodeled to the chain's "store of the '90s" format;[7] in addition, an online computer system called PerryLink was implemented at all stores, allowing for customers to have their prescriptions filled at any location.[9]

Rite Aid, a drugstore chain based in Camp Hill, Pennsylvania, acquired twenty-five locations from Hook's Drug Stores in 1994, subsequently selling nine of the locations to Perry.[10] One year later, Rite Aid acquired all 224 of Perry Drug Stores' locations, including the former Hook's Drugs locations.[11] The acquisition of Perry Drug Stores in 1995 was the largest acquisition made by Rite Aid. It also brought Rite Aid to the Detroit area, where it previously had no stores.[12][13]

In 2023, Rite Aid filed for Chapter 11 bankruptcy amid several opioid lawsuits and declining sales.[14] Despite Perry Drug Stores shutting down 28 years prior to the filing, Perry Drug Stores was still listed in the bankruptcy filing.[15]

Other operations

In addition to the drugstore chain, Perry owned two other specialty chains: Auto Works and A.L. Price. Auto Works was an automotive store which comprised more than 200 locations at its peak. This chain was sold off in 1988 to Northern Automotive (now known as CSK Auto).[16][17] A.L Price was a deep-discount health and beauty aids retailer with fourteen locations in the Detroit area. In 1990, Perry Drug Stores sold off all fourteen A. L. Price locations, as part of a decision to focus entirely on the drugstore chain itself;[18] three years later, eleven of these stores were re-acquired by Perry.[19]

References

  1. ↑ "Robinson leads Perry forward". Chain Drug Review. 1993-09-13. Retrieved 2007-11-27.
  2. 1 2 3 "Twenty-five years at a glance". Chain Drug Review. 2003-09-15. Retrieved 2007-12-05.
  3. ↑ "Devine, new Affil./Assoc. prez, gears up for the '90s". Drug Store News. 1990-09-10. Retrieved 2007-12-05.
  4. ↑ "Perry extends tactics to Illinois". Chain Drug Review. September 1989. Retrieved 2007-11-27.
  5. ↑ Frederick, James (1991-12-09). "Perry Chicago gets a remake". Drug Store News. Retrieved 2007-11-27.
  6. 1 2 Frederick, James (1990-06-23). "Perry Drug snaps up 24 more Mich. Revcos". Drug Store News. Retrieved 2007-11-27.
  7. 1 2 Frederick, James (1991-01-07). "Perry Drug predicts rebound from '90 loss". Drug Store News. Retrieved 2007-11-27.
  8. ↑ "Perry Drug Chicago on brink of extinction". Drug Store News. 1993-06-07. Retrieved 2007-11-27.
  9. ↑ "Perry computers tie Rx into network". Drug Store News. 1990-08-20. Retrieved 2007-11-27.
  10. ↑ "Rite Aid, Perry grow in Michigan". Chain Drug Review. November 1994. Archived from the original on 2008-01-22. Retrieved 2007-11-27.
  11. ↑ Fried, Lisa I. (1995-02-20). "Perry-Rite Aid consolidation begins". Drug Store News. Retrieved 2007-11-27.
  12. ↑ "Rite Aid agrees to buy Perry Drug for $132 million". Corporate Growth Report Weekly. 1995-01-09. Retrieved 2007-11-27.
  13. ↑ "Rite Aid: About Us: History". RiteAid.com. Retrieved 2007-11-28.
  14. ↑ "Rite Aid files for bankruptcy". CNN. October 15, 2023. Retrieved October 16, 2023.
  15. ↑ "Perry Drug Stores, Inc. Files For Bankruptcy". BKData. October 15, 2023. Retrieved October 15, 2023.
  16. ↑ Halverson, Richard C. (1988-02-15). "Schuck's Group buys Auto Works". Discount Store News. Retrieved 2007-11-27.
  17. ↑ "Perry Drug to Add 46 Car Part Stores". The New York Times. 1984-10-11. Retrieved 2007-11-27.
  18. ↑ "Perry agrees to divest its 14 A.L. Price units". Chain Drug Review. May 1990. Retrieved 2007-11-27.
  19. ↑ "Perry completes takeover of A.L. Price". Drug Store News. 1993-07-26. Retrieved 2007-11-27.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.