ADAMS DRUG "FOR SALE" SIGN GOES UP FOR SECOND TIME
ADAMS DRUG "FOR SALE" SIGN GOES UP FOR SECOND TIME in less than a year. Adam's current owner, Pantry Pride, has indicated in the course of its attempt to acquire Revlon that it will seek to dispose of all of its current assets, including the 420-store northeast drug chain. Pantry Pride first publicly indicated that Adams might again be for sale in a debt filing with the Securities & Exchange Commission in July. In that filing, Pantry Pride's new management group from MacAndrews & Forbes said that "it has advised the company that it is considering proposing to the company the disposition of some or all of the company's assets and businesses and the acquisition of new assets and businesses." Adams was acquired by Pantry Pride's former management from the majority holders of the chain, the Salmanson family, for $100 mil. last November. That price, which represents approximately 13 times 1984 earnings, will likely be the starting place for sale negotiations. Based in Pawtucket, Rhode Island, Adams' primary operating region is New England and upstate New York, where the chain has approximately 340 stores, and to a less degree Pennsylvania and New Jersey, where the chain has another 70 stores. In recent years, Adams has focused on larger stores with pharmacy outlets while phasing out its smaller health and beauty aid stores. ln addition, the chain has an ongoing program to convert all its stores to the Brooks format. Over two-thirds of the Adams' stores have pharmacy departments.
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