Facebook Twitter

Albertson’s sale of Osco stores OK’d

SHARE Albertson’s sale of Osco stores OK’d

BOISE — Federal regulators have cleared the sale of 80 Osco Drug stores in New England to the corporate parent of the region's Brooks Pharmacy.

The Federal Trade Commission said it was waiving the remainder of the waiting period for the sale by Albertson's Inc. of Boise to Maxi Drug Inc. for $240 million, Albertson's said last week.

Executives at Albertson's, the nation's No. 2 food and drug retailer, and Brooks Pharmacy, the region's oldest drug store chain, said the waiver will permit the sale of stores in Maine, Massachusetts and New Hampshire to close this month.

"Brooks is an exceptional company with a proven track record," Albertson's chairman Larry Johnston said. "Albertson's looks forward to a seamless transition for our customers and associates."

Brooks Pharmacy has annual revenues of more than $1 billion. Based in Warwick, R.I., the company has more than 5,000 employees and operates 250 stores in six states.

Albertson's has projected annual revenue at about $38 billion this year. It has more than 2,500 stores and 232,000 employees in 36 states.