Drug Emporium, Inc. (Powell, Ohio) has announced the finalization of two separate transactions for the sale of its California operations.
The transactions involve the sale for cash of 15 stores to Big A Drug Stores, Inc. (South Gate, Calif.); and the sale for cash of two stores to Long's Drugs (Walnut Hills, Calif.). Financial terms of the transactions were not disclosed. Drug Emporium has three remaining stores in California. One, in Puente Hills, is currently being liquidated. Two stores in the San Diego area have been closed.
Drug Emporium filed for Chapter 11 bankruptcy protection in March. At the time, it said it had agreed to be purchased by Snyder's Drug Stores (Minnetonka, Minn.) for $25 million. Earlier this month, however, Phar-Mor, Inc. (Youngstown, Ohio) expressed a competing interest in purchasing the company.