Thrifty to Acquire PayLess
Drug Stores here is set to buy the Wilsonville, Ore.-based PayLess Drug Stores chain from Kmart, Troy, Mich., for $1 billion in cash and securities. The combination of 572-store PayLess and Thrifty, with 494 stores, would create the second-largest drug store chain after Walgreen's. Combined sales of the two chains in 1992 totaled $5.9 billion. Thrifty is controlled by Leonard Green & Partners, an investment firm.