Perry Drug snaps up 24 more Mich. Revcos

PONTIAC, Mich. -- In a show of strength reminiscent of its expansion heyday in the mid-1980s, Perry Drug Stores has snapped up the 24 former Revco drug stores remaining here in its home state.

Perry signed an agreement June 30 to acquire the stores from their new owner, Reliable Drug Stores of Indianapolis. Terms of the transaction were not disclosed, but a local retail analyst said the price for the 24 units was relatively low. Perry reportedly plans to sell or close five of the former Revco units.

The newest acquisition comes fast on the heels of Perry's purchase May 19 of the 16 Detroit-area Revco stores from Reliable. That purchase was concluded in...