Jean Coutu Group USA
Coutu's U.S. subsidiary, Warwick, Rhode Island-based Jean Coutu Group (PJC) USA Inc., operated primarily along the east coast, under the Brooks Pharmacy banner in New England and Eckerd Pharmacy from Upstate New York and Pennsylvania south to Georgia. The U.S. operations were sold off in a deal with Rite Aid. Coutu had purchased Brooks in 1994 from the now-defunct Revco drug chain. (Revco had acquired Brooks a few months earlier as part of its acquisition of Hook's-SupeRx, Inc, once a large operator of several pharmacy chains.)
In mid-2004, Coutu acquired more than half of the Eckerd store network (mainly units along the eastern seaboard) from department store retailer J.C. Penney. It continued to operate those stores under the Eckerd name. (The remainder of Eckerd's stores were sold to CVS/pharmacy.) From 1999 to 2004 the chain was the second-fastest growing retailer in the world. On August 24, 2006 Rite Aid announced that it would acquire 1,858 Jean Coutu's Eckerd and Brooks U.S. operations for $1.45bn in cash and issuing stock, giving Jean Coutu a 32% equity stake in Rite Aid. Rite Aid announced the acquisition completed on June 4, 2007.
Read more about this topic: Jean Coutu Group
Famous quotes containing the words jean, group and/or usa:
“The star is the ultimate American verification of Jean Jacques Rousseau’s Emile. His mere existence proves the perfectability of any man or woman. Oh wonderful pliability of human nature, in a society where anyone can become a celebrity! And where any celebrity ... may become a star!”
—Daniel J. Boorstin (b. 1914)
“My routines come out of total unhappiness. My audiences are my group therapy.”
—Joan Rivers (b. 1935)
“It is hereby earnestly proposed that the USA would be much better off if that big, sprawling, incoherent, shapeless, slobbering civic idiot in the family of American communities, the City of Los Angeles, could be declared incompetent and placed in charge of a guardian like any individual mental defective.”
—Westbrook Pegler (1894–1969)