The Federal Trade Commission has approved the application of Thrifty PayLess, Inc. (formerly TCH Corporation) and Green Equity Investors, L.P. to divest the pharmacy assets in the Thrifty Drugstore in Mt. Shasta, California, to C&K Market, Inc. C&K will resell the assets immediately to Christopher and Jennifer Richmond. The Richmonds will operate the acquired assets inC&K?s retail supermarket at 160 Morgan Way, but until necessary improvements are made there, the Richmonds will continue to operate the assets in the Thrifty store at 120 Morgan Way.
The Richmonds reside in Mt. Shasta. Thrifty PayLess and Green Equity are based in Los Angeles. C&K is based in Brookings, Oregon.
The divestiture was required under an FTC consent order settling charges that TCH Corporation?s acquisition of the PayLess drug-store chain would substantially reduce competition for prescription drugs sold at retail pharmacy outlets in six areas in California, Washington and Oregon. The consent requires six divestitures to restore competition.
The Commission vote to approve the divestiture was 5-0.
Copies of the Commission letter approving the divestiture, as well as the application and other documents associated with this case, are available from the FTC's Public Reference Branch, Room 130, 6th Street and Pennsylvania Avenue, N.W., Washington, D.C. 20580; 202-326-2222; TTY for the hearing impaired 1-866-653-4261. To find out the latest FTC news as it is announced, call the FTC's NewsPhone recording at 202-326-2710. FTC news releases and other documents also are available on the Internet at the FTC's World Wide Web site at http://www.ftc.gov
(FTC Docket No. C-3519)