Snyder's Eyes Drug Emporium Buy
Jun. 28, 2001
%mlink(STRY:; PHOTO:; AUDIO:%)
MINNETONKA, Minn. (AP) _ Snyder's Drug Stores Inc. has agreed in U.S. bankruptcy court to pay $21 million in cash for the Drug Emporium Inc. chain.
Snyder's said Wednesday it had met with Drug Emporium and its unsecured creditors to set the price for the sale, which was announced in March.
Drug Emporium, based in Powell, Ohio, will pay off remaining debt owed to lenders when the deal closes. The amount of the debt and the closing date were not specified in the agreement.
Drug Emporium, which said it would not entertain other offers, owns 77 stores under the names Drug Emporium, F&M Super Drug Stores and Vix Drug Stores. The company also franchises stores under the Drug Emporium name.
Snyder's, based in Minnetonka, Minn., owns 81 stores. It is part of the privately held Katz Group of Edmonton, Alberta, Canada.