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A handful of drugstores helps the medicine go down
At the same time it was submitting plans for reorganization under its 3-year-old Chapter 11 bankruptcy filing, Revco D.S. Inc. was filling a prescription for itself: the purchase of 29 Peoples Drug Stores in Virginia and North Carolina, and acquisition of inventories and client files from 16 others.
The privately held Twinsburg company, one of the nation's first large leveraged-buyout failures, is feeling healthier lately thanks to a strong operating-cash position.
Only two years ago, Revco owned 1,900 stores in 27 states. Today it owns fewer than 1,200 stores in 10 contiguous eastern states. "It does …