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Eckerd: End of an empire

The Eckerd existence; a timeline

By Times Staff Writer
Published April 11, 2004

Rise and fall of the Eckerd empire
The heady Eckerd years
Frustrated customers find loyalty has limits
Leaders of the empire

1898 - At 27, J. Milton Eckerd opens his first drugstore in Erie, Pa.

1912 - J. Milton opens a store in Wilmington, Del.

1921 - J. Milton and his son-in-law Ed O'Herron open an Eckerd store in Charlotte, N.C.

1940 - J. Milton's youngest son Jack takes a minority stake in two of J. Milton's stores in Erie.

1948 - Jack Eckerd buys two drugstores from his father in Jamestown, N.Y.

1949 - Jack Eckerd opens his first self-serve QuikChek store in Erie.

1952 - Jack Eckerd splits off from his father's business to buy two self-service drugstores in Tampa and a third in Clearwater with $150,000 borrowed from his older half-brother, Ken.

1954 - Jack Eckerd's chain in Florida becomes profitable.

1956 - Eckerd offers senior discounts on prescriptions and two-prints-for-the-price-of-one on photo processing.

1959 - Publix Super Markets switches to Eckerd as its shopping center partner.

1961 - Eckerd raises $2-million from a public stock offering.

1964 - Chain reaches 30 stores; corporate headquarters is moved from Tampa to Clearwater.

1968 - Eckerd buys what becomes JByron's, a moderately priced Miami department store chain.

1969 - Shareholders vote to rename the company Jack Eckerd Corp.

1970 - Eckerd acquires a 40-store chain in Louisiana and Mississippi and a 42-store chain in Texas.

1971 - Eckerd fills its 50-millionth prescription.

1972 - Jack Eckerd buys 20 Eckerd Drug stores in Delaware from J. Milton Hill, his nephew, bringing the total number of stores to 280.

1974 - Jack Eckerd retires. Stewart Turley replaces Harry Roberts as president and chief executive of Eckerd Drug Co.

1977 - With acquisition of Eckerd of North Carolina, the united Eckerd becomes the nation's second largest drugstore chain.

1978 - Jack Eckerd loses his second campaign for governor of Florida.

1980 - Eckerd has 1,072 stores. One share of the initial Eckerd stock is worth $864.

1981 - Eckerd buys a chain of 106 stores selling VCRs and tapes.

1983 - Signs of difficulty emerge as Eckerd's drugstore growth slows, apparel business stagnates and video business continues to lose money.

1984 - Eckerd's drugstore eye-care departments are transformed into a separate chain called Visionworks that offers one-day prescription service

1985 - Dart Group, a Washington, D.C., drugstore and bookstore operator controlled by the quixotic Herbert Haft, launches a hostile takeover bid for Eckerd. Eckerd unloads most of its non-drugstore ventures.

1986 - No white knight rises to save Eckerd from Haft, so Merrill Lynch bankrolls a leveraged-buyout with an Eckerd management group in control. Jack Eckerd sells his last interest in the company.

1989 - Saddled with debt, Eckerd survives as a rare LBO success story, turning its first annual profit since the buyout.

1993 - Eckerd Corp. becomes a publicly traded stock again. Eckerd joins the race to move drugstores out of shopping centers into free-standing locations at major corners.

1997 - J.C. Penney completes its purchase of Eckerd. Combined with its Thrift Drug chain, Eckerd briefly is the nation's second biggest drugstore chain with 2,800 stores.

1999 - Eckerd does so well and J.C. Penney stores so poorly that JCP talks of making Eckerd a separate tracking stock.

2000 - J.C. Penney auditors reveal Eckerd has been under-reporting its inventory losses to shoplifters and employee theft. About 300 stores are closed. New leadership is brought in to fix both JCPenney and Eckerd.

2003 - Rival Walgreens reaps the benefit of flooding Texas and Florida with hundreds of new stores. Sales slump at Eckerd, which opened only a handful over three years.

2004 - J.C. Penney sells Eckerd, six months after auction begins.

SOURCES: Eckerd Corp., Times files, SEC filings, the biography Eckerd: Finding the Right Prescription.

[Last modified April 11, 2004, 01:05:45]

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  • The Eckerd existence; a timeline

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