100%

Scanned image of the page. Keyboard directions: use + to zoom in, - to zoom out, arrow keys to pan inside the viewer.

Page Options

Share

Something wrong?

Something wrong with this page? Report problem.

Rights / Permissions

The University of Michigan Library provides access to these materials for educational and research purposes. These materials may be under copyright. If you decide to use any of these materials, you are responsible for making your own legal assessment and securing any necessary permission. If you have questions about the collection, please contact the Bentley Historical Library at bentley.ref@umich.edu

January 06, 1995 - Image 16

Resource type:
Text
Publication:
The Detroit Jewish News, 1995-01-06

Disclaimer: Computer generated plain text may have errors. Read more about this.

1995
PARK AVENUE

SE Prestige Package

CHECK YOUR MAIL
FOR ADDITIONAL
500 SAVINGS CERTIFICAT
ON 1994 MODELS!

per month
30 Months



^..a- akegatlitQfTitiSabli

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

. • ......

Steering Wheel Radio Control, Memory Seating,
Power Recliner, Heated Mirror & More!

• 30 month closed end lease w/$1395 cap cost reduction. 12,000 miles per year allowed, 120 per mile over limit. Total obligation is payment X term.
Lessee is not obligated to purchase but has fixed purchase option at lease inception. Payment doesn't include use tax. Due at inception: First mo.
pymt, ref. sec. dep. (pymt rounded up to next $25 increment), $1395 cap cost reduction, destination, acq. fee, tax title & license. Stock #50201

37911 GRAND RIVER • WEST OF HALSTED • FARMINGTON HILLS

810-471-0800

BUICK

OPEN SATURDAYS SALES AND SERVICE

COLORWORKS STUDIO OF INTERIOR DESIGN

You've said we're in a class by ourselves & we thank you for the compliment!
Complete interior design services from blueprint review & construction specifications, to furniture
selection & custom fabrication; from windows & walls to the last scented soap...
These are the services that set us apart. We're so glad you've noticed the difference.

32500 Northwestern Highway • Farmington Hills • 851-7540

"We're going
to look after our
people."

Back to Top

© 2020 Regents of the University of Michigan