Genovese Drug Stores Explained

Genovese Drug Stores was a pharmacy chain with stores in New York City, Long Island, northern New Jersey, Fairfield County, Connecticut, and Hartford County, Connecticut. It was acquired by JCPenney in 1998 and merged with its Eckerd Corporation subsidiary.

History

Genovese Drug Stores was founded in 1924 by Joseph Genovese in Astoria, Queens.^[1] In 1955, Joseph W. Genovese Jr., the son of the founder and the chairman of the board, introduced self‐service in the chain.^[2]

Joseph Jr. died in December 1975 at the age of 46 after undergoing surgery. His father died in November 1978 at the age of 75. His second son, Leonard Genovese, replaced him as chairman.^[3]

By 1978, the chain had 50 locations with headquarters in Melville, New York.^{[4] [5]} In the early 1980s, some locations added arcade video games as an alternative source of revenue.^[6] Genovese also operated Genrex, a nursing home division during this time.^{[7] [8]} The company opened its first Manhattan location in 1993.^[9] That year, it also opened its 100th store.^[10]

In January 1998, the company closed 5 stores and cut 11% of its workforce due to declining profitability.^[11]

In November 1998, the chain was acquired by JC Penney, the parent company of Eckerd, for $432 million in stock and the assumption of $60 million in debt. At that time, the chain was headquartered in Melville, New York and had 141 stores with 5,000 employees.^[1] It was still almost entirely owned by the Genovese family.^[12]

Following the acquisition, the new owners planned to convert all Genovese locations to the Eckerd name within a year. However, the chain ultimately remained. By 2003, all Genovese stores were remodeled and rebranded as Eckerd.^[13]

Three years later, Eckerd was in turn purchased by Rite Aid and all locations were rebranded.^[14] In 2023, Rite Aid filed for Chapter 11 bankruptcy.^[15] Despite shutting down 20 years prior, Genovese Drug Stores was still listed in the filing.^[16]

Notes and References

1. News: J.C. Penney to Buy Genovese, Expanding Its Drugstore Chain . Terry Pristin . . November 25, 1998 . limited.
2. News: December 16, 1975 . Joseph, Genovese Jr, 46, Head of Drugstore Chain . limited . The New York Times.
3. Web site: September 15, 1986 . Executive Changes . September 20, 2024 . The New York Times.
4. News: November 28, 1978 . Joseph Genovese, Head Of Drugstore Chain, 75 . limited . The New York Times.
5. Web site: March 25, 1973 . News of the Realty Trade . September 20, 2024 . The New York Times.
6. Web site: January 24, 1983 . Stores Reassess Video Games . September 20, 2024 . The New York Times.
7. Web site: March 27, 1990 . Executive Changes . September 20, 2024 . The New York Times.
8. Web site: 1989-03-01 . Newsday from New York, New York . 2024-09-21 . Newsday . en-US . Newspapers.com.
9. News: Commercial Property/Chain Drugstores; Drugstore Chains Turn to Manhattan . Claudia H. . Deutsch . . December 25, 1994 . limited.
10. News: Genovese Drug opens 100th new store . . October 5, 1993.
11. News: COMPANY NEWS; GENOVESE DRUG TO SHED 5 STORES AND CUT 600 JOBS . . . January 31, 1998 . limited.
12. Web site: Genovese Drug Stores 1998 Form 10-K Annual Report . U.S. Securities and Exchange Commission.
13. News: August 4, 2003 . Eckerd retires Genovese name. . Chain Drug Review . The Free Library.
14. Web site: August 24, 2006 . Rite Aid announces $3.4B deal to buy Eckerd, Brooks - Aug. 24, 2006 . 2024-09-21 . money.cnn.com.
15. Web site: Goldman . David . October 15, 2023 . Rite Aid files for bankruptcy . October 16, 2023 . CNN . en.
16. Web site: Genovese Drug Stores, Inc. Files For Bankruptcy. October 15, 2023. October 15, 2023. BKData. en.