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Non-Tech : The Source Information Mgmt Co.(SORC) -- Ignore unavailable to you. Want to Upgrade?


To: Tensane 1 who wrote (81)9/3/1998 10:25:00 PM
From: JanyBlueEyes  Read Replies (1) | Respond to of 121
 
Eckerd

Eckerd is the latest in a long list of major clients for SORC. JC Penney Co did acquire Eckerd (as shown below).

From Eckerd's latest 10K:

...At February 1, 1997, the Eckerd chain consisted of 1,756 stores in 13 states located primarily in the Sunbelt. Over its 44-year history, the Eckerd drugstore chain has built a strong market position in areas where demographic characteristics are favorable to drugstore growth. Eckerd stores are concentrated in 10 of the 12 metropolitan statistical areas with the largest percentage growth in population from 1980 to 1990, and, according to industry sources, ranks first or second in terms of drugstore sales in 20 of the major metropolitan markets in which it operates.....

....The Company was formed by J. C. Penney Company, Inc. ("JCPenney") in 1996 for the purpose of acquiring the former Eckerd Corporation ("Old Eckerd") in a transaction effected through a cash tender offer of $35.00 per share for 50.1% of Old Eckerd's outstanding common stock (which was completed in December 1996), followed by a second step merger completed on February 27, 1997 in which Old Eckerd stockholders received 0.6604 shares of JCPenney common stock for each remaining share of Old Eckerd common stock not purchased in the tender offer
(the "Acquisition")......