A Drugstore Cowboy Rides To Revco's Rescue

It was Jan. 5, a Sunday evening, and Jack Eckerd Corp. Chairman Stewart Turley felt things were coming together. The mood among the contentious creditors of Revco D.S. Inc. was shifting in his favor. An outsider might think he was kidding himself. After all, only two days earlier, Eckerd's plan--to acquire Revco and take the merged entity public--had received the least support of the three reorganization bids submitted to end the drugstore chain's three-year-plus bout in bankruptcy court. But that didn't deter Turley. Working the phones, he began to sweeten his bid and build the needed consensus among creditors.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.