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LONGS COMPLETES ACQUISITION OF BILL'S DRUG STORES

 WALNUT CREEK, Calif., Sept. 13 /PRNewswire/ -- Today Longs Drug Stores announced the completion of the acquisition of 21 retail drug stores owned by Bill's Drugs.
 Bill's, which had $82.6 million in sales for its most recent fiscal year, is headquartered in Benicia, Calif. All of its 21 stores are located in Northern California. The stores range in size from 6,000 square feet to 28,000 square feet, with the average being 15,000 square feet.
 The acquisition increases Longs' market presence in Santa Rosa, Merced, San Jose and the San Francisco East Bay areas, plus places the company in a number of new markets. The acquisition requires the issue of approximately $12 million of Longs common stock to Bill's Drugs, and Longs' assumption of specified liabilities. The final delivery of the purchase price is expected to be completed during the fourth quarter of the 1994 fiscal year, and the transaction will be treated under the purchase method of accounting.
 All employees of Bill's who applied for a position with Longs were interviewed, and we are pleased to add, many were employed.
 Steve Roath, president of Longs, stated, "We will continue to provide and carry most of the programs, departments and goods Bill's has provided to its customers throughout the years. We will expand the merchandise selection as customer demand dictates, and we will bring to the stores the special promotions, low prices and Longs' own brand of superior customer service for which we are noted."
 Roath added, "Longs' pharmacy services, such as our store 'Medi-Link' program, which allows customers to obtain their prescriptions in any of our 298 stores spread over five states, health- screening programs, and participation in third-party programs using state of the art technology will be available at all locations. Longs' mission is to be 'The Best Drug Store in Town.' We are committed to the health of our customers and the well-being of the communities we serve."
 -0- 9/13/93
 /CONTACT: Bill Combs of Longs Drug Stores, 510-210-6726/
 (LDG)


CO: Longs Drug Stores; Bill's Drug Stores ST: California IN: REA SU: TNM

TM -- SF005 -- 1351 09/13/93 13:34 EDT
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Publication:PR Newswire
Date:Sep 13, 1993
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