By Randy Tucker
The Cincinnati Enquirer
The pharmacies at eight Drug Emporium stores in Greater Cincinnati will close today, a week after the discount drugstores' Minnesota-based parent, Snyder Drug Stores Inc., filed for bankruptcy protection, company officials confirmed Thursday.
The company declined to outline terms of separation for employees or comment on how it would handle the accounts of customers with unfilled prescriptions.
The drug business is being auctioned off in bankruptcy court in Youngstown, Ohio.
Michael Gallo, a lawyer handling the bankruptcy and acting as spokesman for Snyder, was unavailable for comment Thursday.
The general merchandise sections of the stores will also close at a later date, putting an estimated 200 employees out of work in the area.
Snyder began the process of selling or closing 77 corporately owned Drug Emporium stores in Pennsylvania, New Jersey, New York, Michigan, Ohio, Missouri, Oklahoma and Kentucky immediately after filing for bankruptcy protection. Locally, the stores are in Crescent Springs, Florence, Fort Thomas, Bridgetown, Cherry Grove, Colerain Township, Kenwood and Norwood.
The company said it was unable to return the drug business to profitability after buying it out of bankruptcy from the Katz Group of Canada for an undisclosed amount.
"Despite significant capital infusions and the best efforts of all Drug Emporium employees, the company failed to achieve a turnaround after being purchased out of bankruptcy in September 2001,'' the company said in its statement.
Independently owned Drug Emporium stores will not be affected by the store closings.
E-mail rtucker@enquirer.com
AK Steel cans top execs; new strategy sought
Local brews still make splash with consumers
Drug Emporium closing stores
Fortunes of America's richest up 10% in year
More signs of better times
Gtech completes $85M Interlott purchase
UAW contract negotiations goal: 'Beat the Japanese'
AOL Time Warner decides to drop 'AOL' from its name
Enron revises planned payout for creditors
Store is bullish on toy bears
Grasso likely to find lots of work choices
Stock exchange back to business, with uncertainty
Tristate summary
Business digest
Morning memo
Making it
What's the buzz?