Word: eckerd
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Dates: during 1980-1989
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...fulfillment. "Ever since I got out of college, I wanted to go back," says retired lawyer Robert Friedman, 73, who is one of 400 students enrolled in Harvard's Institute for Learning in Retirement, a program of courses specially created for and taught ! by retirees on the Cambridge campus. Eckerd College, strategically located in St. Petersburg, has even opened a 133-unit senior citizen condominium on its campus, complete with 60 nursing beds...
Flush with cash, Haft raised $250 million more in junk-bond financing for his Dart Group, which owns 262 Trak Auto and 212 Crown Books shops. Within a year, Dart mounted unsuccessful takeover campaigns for the May department stores, the Jack Eckerd drugstore chain and Beatrice. Profits on those raids: $13.2 million. The Hafts' biggest score came in October 1986, when the Safeway company paid Dart $59 million to go away, so that the chain's management could execute a $4.1 billion leveraged buyout of the firm. Dart's total take at the Safeway checkout stand: $137 million. Six months...
...Eckerd Drug, a 1,700-store chain of pharmacies based in Clearwater, Fla., claims that it lost $30 million to shoplifters last year. Now the company has decided to do something about it. Instead of routinely prosecuting fast- fingered shoppers, more than half of Eckerd's pharmacies allow culprits to buy their way out of trouble by paying the store $200 ($150 in Louisiana). That eliminates the nuisance and expense of formal proceedings for Eckerd, the accused and the courts...
...store manager may or may not have them arrested, depending on whether they seem like professional criminals or occasional lipstick lifters. In the latter case, the store lets them go after verifying their names and addresses. In about a week the shoplifters receive letters demanding payment. If they refuse, Eckerd takes the case to small-claims court. Most have been paying...
...Washington. As the owners of Dart Group, which runs the Crown Books and Trak Auto chains, the Hafts always seem to be shopping around for a major retailer. In the past two years they have bought large blocks of stock in May Department Stores and two pharmacy chains, Jack Eckerd and Revco. In each case the Hafts' move drove up the price of the stock in the target company, and they sold their shares at hefty profits...