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PERRY DRUG STORES PROPOSES TO ACQUIRE 12 A.L. PRICE STORES

 PONTIAC, Mich., April 23 /PRNewswire/ -- Perry Drug Stores, Inc. (NYSE: PDS) announced today that it has conditionally agreed to acquire 12 A.L. Price deep discount health and beauty aids stores operating in the metropolitan Detroit area. Perry would purchase certain assets and other rights for approximately $2 million plus inventory at the day of closing.
 The operator of these stores, ALP Acquisition Limited Partnership, became subject to a Chapter 11 proceeding March 12, 1993. The proposal is subject to approval of the A.L. Price creditors and the Bankruptcy Court. Perry could operate these stores as early as July.
 In 1990, Perry sold its 14 A.L. Price deep discount health and beauty aids stores for approximately $14.8 million. Jerry Stone, senior vice president and chief financial officer, said although Perry, a secured creditor, believes that A.L. Price has sufficient assets to cover the $3.6 million balance due Perry, the company also believes the proposed transaction will have a positive impact on its sales and earnings.
 Perry, a New York Stock Exchange company headquartered in Pontiac, operates 209 drugstores in Michigan and is the state's largest drugstore chain and the 14th-largest in the U.S.
 -0- 4/23/93
 /CONTACT: Jerry Stone, 313-674-7783, or Berl Falbaum, 313-674-7772, both of Perry Drug Stores, Inc./
 (PDS)


CO: Perry Drug Stores, Inc.; A.L. Price;
 ALP Acquisition Limited Partnership ST: Michigan IN: REA SU: TNM BCY


JG -- DE013 -- 0013 04/23/93 11:38 EDT
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Publication:PR Newswire
Date:Apr 23, 1993
Words:246
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