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Eckerd Corporation
Eckerd Corporation used to be an American pharmacy retail chain that was headquartered in Largo, Florida, and toward the end of its life, in Warwick, Rhode Island. At its peak, Eckerd was the second-largest pharmacy chain in the United States, with approximately 2,802 stores in 23 states as far west as Arizona.
An independent chain for most of its existence, Eckerd was purchased by JCPenney in 1996. Following years of losses and failed attempts to turn around the company, the chain was divided in 2004, with 1,271 of its stores, and its mail-order business, sold to competitor CVS, and the remainder acquired by Jean Coutu Group through its U.S. division. Jean Coutu sold the chain to Rite Aid in 2007, and its name was phased out soon thereafter and replaced with the Rite Aid name.
Eckerd was founded in September 1898, by 27-year-old Joseph Milton Eckerd and Z. Tatom in Erie, Pennsylvania. In the company's early years, it operated at 1105 State Street in downtown Erie as the Erie Cut-Rate Medicine Store, focusing on cheaper prices than the competition. In 1912, Eckerd and Tatom sold their original store to Eckerd's sons and moved to Wilmington, Delaware, establishing a new store. From Delaware, the chain expanded to New York, North Carolina, and later Florida.
Jack Eckerd, son of the founder, purchased several of his father's stores in Delaware and New York during the 1940s. In 1947, Eckerd traveled to California to visit stores that had converted to "self-service" format akin to supermarkets. He brought the method back east with him in order to improve his business. He then acquired three stores in Tampa Bay, Florida in 1952. After five years, he sold his interests in Delaware and moved to Clearwater. Then, in 1959, Eckerd went public. It also inked a deal with Publix to open locations next to the grocery store.
Looking to diversify its assets, the company purchased Jackson Byrons department store. By 1971, the company had filled its 50-millionth prescription. In 1973, the company entered the prescription eyeglass market with 12 Eckerd Optical Center units. Within two years, it had more than 50 centers. Following several political campaigns and a stint with the Government Services Administration under president Gerald Ford, Jack Eckerd took a less active role in the business.
In 1977, Eckerd Drug Corp. merged with Eckerd Drug of North Carolina, which had been founded by Jack Eckerd's brother-in-law, Ed O'Herron, Sr. It made Eckerd the second largest drugstore chain in the country. By 1978, sales topped $1 billion. The company also purchased Brooks Fashion Stores, a chain of 282 women's junior apparel specialty stores, in 1979. In 1981, Eckerd purchased American Home Video Corp., a Denver-based electronics chain.
However, the company's diversification efforts stretched resources thin. In 1982, profits fell for the first time. By this point, competitors began pushing in and Eckerd was slow to modernize its ordering system. By the mid-1980s, Eckerd began selling off its ancillary businesses, including Eckerd's Apparel and J. Byrons department stores, as well as VideoConcepts. Now considered a takeover target after Dart Group acquired 5% of the company, Eckerd negotiated a leveraged buyout with Merrill Lynch Capital Partners in 1986. John Eckerd sold his stock and resigned as the company’s CEO.
Refocused on its pharmacy business, Eckerd bought 35 Shoppers Drug Mart stores located in South Florida in 1989. It also acquired Insta-Care Pharmacy Services, a prescription drug delivery service that year. Then, in 1990, Eckerd purchased 220 Revco locations across Texas, Florida, Mississippi, Louisiana, and Oklahoma in 1990. It also attempted a $1 billion takeover of Revco while it was in bankruptcy in 1992. In an effort to consolidate its operations and cut costs, Eckerd acquired a distribution center in Orlando in 1993. The company's existing distribution centers in Orlando and Largo were closed. In 1994, the company sold off its optical business, including 47 Visionworks stores and 29 Eckerd Optical Centers, as well as Insta-Care Pharmacy Services. Later that year, Eckerd went public once again. In 1995, the company bought 109 drug stores in Florida for $75 million from Rite Aid.
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Eckerd Corporation
Eckerd Corporation used to be an American pharmacy retail chain that was headquartered in Largo, Florida, and toward the end of its life, in Warwick, Rhode Island. At its peak, Eckerd was the second-largest pharmacy chain in the United States, with approximately 2,802 stores in 23 states as far west as Arizona.
An independent chain for most of its existence, Eckerd was purchased by JCPenney in 1996. Following years of losses and failed attempts to turn around the company, the chain was divided in 2004, with 1,271 of its stores, and its mail-order business, sold to competitor CVS, and the remainder acquired by Jean Coutu Group through its U.S. division. Jean Coutu sold the chain to Rite Aid in 2007, and its name was phased out soon thereafter and replaced with the Rite Aid name.
Eckerd was founded in September 1898, by 27-year-old Joseph Milton Eckerd and Z. Tatom in Erie, Pennsylvania. In the company's early years, it operated at 1105 State Street in downtown Erie as the Erie Cut-Rate Medicine Store, focusing on cheaper prices than the competition. In 1912, Eckerd and Tatom sold their original store to Eckerd's sons and moved to Wilmington, Delaware, establishing a new store. From Delaware, the chain expanded to New York, North Carolina, and later Florida.
Jack Eckerd, son of the founder, purchased several of his father's stores in Delaware and New York during the 1940s. In 1947, Eckerd traveled to California to visit stores that had converted to "self-service" format akin to supermarkets. He brought the method back east with him in order to improve his business. He then acquired three stores in Tampa Bay, Florida in 1952. After five years, he sold his interests in Delaware and moved to Clearwater. Then, in 1959, Eckerd went public. It also inked a deal with Publix to open locations next to the grocery store.
Looking to diversify its assets, the company purchased Jackson Byrons department store. By 1971, the company had filled its 50-millionth prescription. In 1973, the company entered the prescription eyeglass market with 12 Eckerd Optical Center units. Within two years, it had more than 50 centers. Following several political campaigns and a stint with the Government Services Administration under president Gerald Ford, Jack Eckerd took a less active role in the business.
In 1977, Eckerd Drug Corp. merged with Eckerd Drug of North Carolina, which had been founded by Jack Eckerd's brother-in-law, Ed O'Herron, Sr. It made Eckerd the second largest drugstore chain in the country. By 1978, sales topped $1 billion. The company also purchased Brooks Fashion Stores, a chain of 282 women's junior apparel specialty stores, in 1979. In 1981, Eckerd purchased American Home Video Corp., a Denver-based electronics chain.
However, the company's diversification efforts stretched resources thin. In 1982, profits fell for the first time. By this point, competitors began pushing in and Eckerd was slow to modernize its ordering system. By the mid-1980s, Eckerd began selling off its ancillary businesses, including Eckerd's Apparel and J. Byrons department stores, as well as VideoConcepts. Now considered a takeover target after Dart Group acquired 5% of the company, Eckerd negotiated a leveraged buyout with Merrill Lynch Capital Partners in 1986. John Eckerd sold his stock and resigned as the company’s CEO.
Refocused on its pharmacy business, Eckerd bought 35 Shoppers Drug Mart stores located in South Florida in 1989. It also acquired Insta-Care Pharmacy Services, a prescription drug delivery service that year. Then, in 1990, Eckerd purchased 220 Revco locations across Texas, Florida, Mississippi, Louisiana, and Oklahoma in 1990. It also attempted a $1 billion takeover of Revco while it was in bankruptcy in 1992. In an effort to consolidate its operations and cut costs, Eckerd acquired a distribution center in Orlando in 1993. The company's existing distribution centers in Orlando and Largo were closed. In 1994, the company sold off its optical business, including 47 Visionworks stores and 29 Eckerd Optical Centers, as well as Insta-Care Pharmacy Services. Later that year, Eckerd went public once again. In 1995, the company bought 109 drug stores in Florida for $75 million from Rite Aid.