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Perry Drug Stores

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(Redirected from A. L. Price)
For other uses, see Perry (disambiguation).
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

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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

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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]

Perry Drug Stores, Inc. remained an active subsidiary of Rite Aid (owning stores held by the company at its closure), as shown in the company's October 2023 Chapter 11 bankruptcy filings.[14]

Other operations

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In addition to the drugstore chain, Perry owned two other specialty chains: Auto Works and A.L. Price.

Auto Works

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Unlike other drug stores, Perry diversified by carry non-traditional items such as automotive parts like brakes, shocks, exhaust systems, and carburetors in their drug stores as early as 1975.[15][16] By 1978, Perry would have 15 out of its 56 stores, all in lower Michigan, carrying auto parts.[17]

A few years later, Perry decided to open standalone auto part stores called Auto Works. By March 1983, three stores had been open in Michigan and Chicago with plans to open 20 more.[18]

In July 1983, Perry signed a letter of intent to acquire Indianapolis-based Fleenor's Inc., with its chain of 50 auto part stores in Indiana, Ohio, and Kentucky.[19][20] After the acquisition was finalized, the Fleenor Auto Supply stores were rebranded FAS Auto Works.[21] In October 1984, Perry acquired Corvair Auto Parts with its chain of 46 auto part stores in Indiana, Ohio, Kentucky, and West Virginia.[22][23][24]

By May 1985, all FAS Auto Works and Corvair Auto Works stores were rebrand to just Auto Works.[25]

Perry sold its Auto works division with its 252 stores in Michigan, Illinois, Indiana, Wisconsin, Kentucky, Missouri and West Virginia to Northern Automotive in Northern Automotive for $51 million in February 1988.[26]

After five years of ownership, Northern Automotive could not turn the ailing chain around and later sold Auto Works with its 159 retail stores in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio and West Virginia to Hahn Automotive Warehouse in November 1993 for $13 million in cash.[27][28]

Hahn finally closed Auto Works with its 53 stores in August 1997 after filing for Chapter 11 bankruptcy.[29]

A.L. Price

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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;[30] three years later, eleven of these stores were re-acquired by Perry.[31]

References

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  1. ^ "Robinson leads Perry forward". Chain Drug Review. 1993-09-13. Retrieved 2007-11-27.
  2. ^ a b c "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. [dead link]
  5. ^ Frederick, James (1991-12-09). "Perry Chicago gets a remake". Drug Store News. Retrieved 2007-11-27.
  6. ^ a b Frederick, James (1990-06-23). "Perry Drug snaps up 24 more Mich. Revcos". Drug Store News. Retrieved 2007-11-27.
  7. ^ a b 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. ^ "Perry Drug Stores, Inc. Files For Bankruptcy". BKData. October 15, 2023. Retrieved October 15, 2023.
  15. ^ "Pushing Automotives to New Heights". Discount Merchandiser. 21 (10): 24. October 1981. ProQuest 212656446.
  16. ^ Mitchell, Gordon (July 12, 1976). "Fast-Growing Perry Drug Stores To Ring Up Another Profits Peak". Barron's. Vol. 56, no. 28. p. 28, 30. ProQuest 350886679.
  17. ^ "Perry Drug Stores Comes Up With Right Prescription for Growth". Barron's. Vol. 58, no. 11. March 13, 1978. p. 31, 32. ProQuest 350720077.
  18. ^ "Stockholder Meeting Briefs". Wall Street Journal. March 16, 1983. p. 38. ProQuest 134818378.
  19. ^ "Drugstore to buy Fleenor's Inc". Indianapolis Star. July 27, 1983. p. 24. ProQuest 1893723142.
  20. ^ "Fleenor's sale to Perry chain mean new jobs in Muncie". Muncie Evening Press. July 29, 1983. p. 15. ProQuest 2399105629.
  21. ^ "FAS Auto Works ad". Indianapolis Star. October 10, 1983. p. 10D. ProQuest 1893751588.
  22. ^ "Perry Drug has more auto parts units than drug stores". The Pink Sheet. October 22, 1984.
  23. ^ Braykovich, Mark (October 29, 1984). "Local FAS Auto Works on list of stores eyed for acquisition". Palladium-Item. p. 11. ProQuest 2412236154.
  24. ^ "Perry Drug to Add 46 Car Part Stores". New York Times. October 11, 1984. p. D5.
  25. ^ "Auto Works ad". Indianapolis Star. May 5, 1985. p. 15D. ProQuest 1894031334.
  26. ^ Halverson, Richard C. (February 15, 1988). "Schuck's Group buys Auto Works - Northern Automotive, formerly Checker-Schuck's-Kragen". Discount Store News. Archived from the original on May 18, 2005. Retrieved September 11, 2024.
  27. ^ "Business Brief -- Hahn Automotive Warehouse Inc.: Auto Works to Be Acquired From Northern Retail Corp". Wall Street Journal. November 1, 1993. ProQuest 395224619.
  28. ^ Hahn Automotive Warehouse 10Q. U.S. Securities and Exchange Commission (Report). December 31, 1996.
  29. ^ "Michigan Auto Works stores started sales last Saturday". Argus-Press. August 26, 1997. p. 6 – via Google News.
  30. ^ "Perry agrees to divest its 14 A.L. Price units". Chain Drug Review. May 1990. Retrieved 2007-11-27. [dead link]
  31. ^ "Perry completes takeover of A.L. Price". Drug Store News. 1993-07-26. Retrieved 2007-11-27.[dead link]
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