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It's A Waiting Game
At Perry Drugs
STEVE STEIN STAFF WRITER
ack Robinson says it's
"business as usual" at
Perry Drug Stores ...
for now.
By the Jan. 27 deadline,
Perry could be sold to Rite
Aid, launching a beginning
to the end of Mr. Robinson's
nearly 38-year association
with the drugstore chain he
founded with a $200 invest-
ment in a mom-and-pop store
on Perry and East Boulevard
in Pontiac in 1957.
Rite Aid has offered $11
per outstanding share of
stock, or $132 million, for Per-
ry. The Perry board of direc-
tors has approved the
transaction, but it still must
be OK'd by the stockholders.
If the sale is completed, the
Perry name would be
dropped in favor of Rite Aid
on both stores and products. Jack Robinson: Exciting, emotional time.
"This is an exciting time
for me and my family, but it's
Waterford Township headquar-
an emotional time, too," said Mr. ters would lose their jobs when
Robinson, 64, the Perry CEO and the sale goes through. Mr. Robin-
chairman and a longtime phil- son said that's not quite true.
anthropist and activist in the
"I'd guess 50, 60 or 70 with re-
Jewish community.
dundant positions would be sev-
From its modest beginning, ered over time," he said. "We're
Perry has grown into the largest going to look after our people.
drugstore chain in Michigan. It We're not about to let them get
has 224 stores in 136 communi- fired aimlessly. We'll provide a
ties and $735 million in annual generous severance package for
sales. There are 118 Perry stores them."
in southeast Michigan.
Perry employs about 5,700 in
When Perry went public and its stores, Waterford Township
sold stock in 1973, it had 18 distribution center and head-
stores.
quarters.
Rite Aid, based in Camp Hill,
The headquarters would be
Pa, is the biggest drugstore chain closed when the management
in the country. It has more than transition is complete.
2,600 stores in 23 states includ-
ing 124 stores in outstate Michi-
gan and it boasts annual
revenues of $4 billion.
Mr. Robinson and his wife,
Aviva, who own 9 percent of the
Perry stock and are the largest
stockholders, have agreed to sell
—Jack Robinson
their stake in the company.
If the sale goes through, Mr.
Robinson, a pharmacist by trade,
Perry lost money in four of the
would stay on board for one year past eight fiscal years, but it
as president of Rite Aid of Michi- earned $4.8 million on $737.1
gan, a subsidiary which would million in sales during the year
run the Perry/Rite Aid stores in which ended Oct. 31.
the state. After that, he would be
That was a 5.5 percent sales
a consultant.
increase from the previous year,
According to Perry's proxy which saw Perry lose $4.2 mil-
statement, severance for Mr. lion.
Robinson and three other top
The sale of Perry to Rite Aid
Perry officers — Andy Gian- would set up a battle with Troy-
camilli (president and chief op- based Arbor Drugs, which has
erating officer), Bob Berlow 159 stores in Michigan, most in
(executive vice president) and the southeast area of the state.
Jerry Stone (chief financial offi-
Arbor, which expects to open
cer) would be three years' salary. its 200th Michigan store in 1996,
There were reports that most leads the Detroit area in drug-
of the 260 employees at Perry's store market share.
j
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