Magazine article Drug Topics

Revco Lets Go

Magazine article Drug Topics

Revco Lets Go

Article excerpt

With one move, the Jean Coutu Group Inc., of Longueuil, Quebec, has mushroomed from only 22 stores in the United States to 243.

The Canadian chain has reached an agreement in principle to acquire the 221 Brooks Drug stores from Revco D.S., Inc. The Brooks stores are situated in six states--Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. Their combined retail sales as of May 28 were $425.8 million. The transaction is valued at $147.5 million.

Jean Coutu operates 22 units in the United States under the Douglas Maxi Drug logo. In both Canada and the United States, Jean Coutu has 470 units. Michel Coutu will head the newly expanded network.

"We are proud to see our expansion objectives materialize in the United States," said Francois Jean Coutu, president and COO of the Jean Coutu Group. "This is a tremendous opportunity. The transaction allows our group to acquire a well-structured network of stores strongly positioned in their markets, all in a market we had targeted in 1987. …

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