The agreement marks the first step in a restructuring plan announced in January designed to sell off 712 of Revco's 1,873 stores. Revco is currently operating under Chapter 11 of the federal Bankruptcy Code because of a debt-financed takeover that soured.
Included in the transaction, which will require bankruptcy court approval, area all of Revco's stores in Illinois, Iowa, Indiana, Kansas, Kentucky, Michigan, Missouri and in western Tennessee, the Twinsburg company said in a release.
Included in the stores Revco plans to sell are 24 stores in Oklahoma. These include six in Oklahoma City, three in Edmond, two in Muskogee and stores in Ada, Altus, Ardmore, Chickasha, Cushing, El Reno, Guthrie, Hugo, Mustang, Norman, Shawnee, Stillwater and Yukon.
Reliable Holdings Corp. …