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In Brief: CVS goes south

This article was originally published in The Tan Sheet

Executive Summary

CVS goes south: The drug chain will introduce stores in Charlotte, N.C. and Columbia and Greenville, S.C. markets by the end of 1997; in October, CVS opened nine stores in Atlanta. Parent company Melville Corp. announces a name change to CVS Corp. Nov. 19; the New York Stock Exchange ticker symbol changed to "CVS" in mid-October. The new name reflects the company's focus on the drug store chain after a 1995 restructuring resulted in creation of two independent businesses -- CVS and the footwear company Footstar, Inc. Other non-pharmacy Melville businesses -- including Marshall's, Kay Bee Toys, This End Up, Wilsons, Linens 'n Things and Bob's Stores -- have been sold or will be "separate[d]" by the end of 1997...

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