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ONE HUNDRED AND TWENTY-FOUR PAY'N SAVE STORES NOW OPERATING AS PAYLESS DRUG STORES

 ONE HUNDRED AND TWENTY-FOUR PAY'N SAVE STORES
 NOW OPERATING AS PAYLESS DRUG STORES
 WILSONVILLE, Ore., July 27 /PRNewswire/ -- PayLess Drug Stores and Thrifty Corp. have signed a final agreement for the purchase of Pay'n Save, PayLess announced today. The closing of the transaction took place on July 26. PayLess began operating the 124 Pay'n Save stores as PayLess Drug Stores on that date.
 PayLess officials signed a letter of intent to purchase the assets of the 124-store Pay'n Save chain in May and signed the definitive agreement in early July.
 "Now we actually take over operation of the stores," said President and Chief Executive Officer Tim McAlear. "We don't want to interrupt prescription service nor do we plan to make many personnel changes. Hopefully, the customers will not even notice the change."
 The assets purchased in the agreement include 124 stores -- 95 in Washington, 15 in Hawaii, 11 in Alaska and three in Idaho -- and a distribution center in Auburn, Wash.
 "This will enhance our market position in the metropolitan Seattle market considerably and will allow us to enter two new markets, Alaska and Hawaii, with a substantial presence," said McAlear.
 Pay'n Save stores are similar in size to PayLess Drug Stores, and many are in shopping centers similar to the sites where many PayLess Drug Stores are located.
 "Our strategic expansion program calls for us to add new stores in existing markets. Most of our recent growth has been in California. This acquisition will allow us to fill in Pacific Northwest markets," said McAlear.
 In an effort to keep up with its rapid expansion, PayLess has promoted Gordon Barker to executive vice president. Barker, formerly senior vice president of Operations, will head up all aspects of the Pay'n Save acquisition and will work directly with McAlear to manage the company.
 In addition, Roger Parisotto has been named vice president of the company's new Hawaii Region. Parisotto, formerly a district manager for PayLess in the Seattle area, will manage all aspects of operations in Hawaii.
 PayLess Drug Stores, a wholly owned subsidiary of the Kmart Corp. (NYSE: KM), now operates a total of 542 stores in 12 western states.
 -0- 7/27/92
 /CONTACT: Karen Sheridan of PayLess Drug Stores, 503-685-6127/
 (KM) CO: PayLess Drug Stores; Thrifty Corp.; Pay'n Save; Kmart Corp. ST: Washington, Hawaii, Alaska, Idaho IN: REA SU: TNM PER


SC-LM -- SE001 -- 3425 07/27/92 10:30 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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