Salt Lake-based American Stores Co. said its subsidiary, American Drug Stores Inc., has agreed to purchase the inventories, fixtures and prescription files of 110 Reliable Drug Stores in Illinois, Indiana, Iowa, Kansas and Missouri.
Also, American Stores said it would assume the leases on 51 of those 110 locations, which the company believes will enhance its business operations in several of its existing markets.Reliable Drug Stores filed a petition for protection under Chapter 11 of the Bankruptcy Code on Dec. 9 so the acquisition is subject to approval of the bankruptcy court and other regulatory agencies.
Completion of the acquisition is expected by July.