Federal Trade Commission has Approved the Application of Thrifty PayLess, Inc. (formerly TCH Corporation) and Green Equity Investors, L.P. to Divest the Pharmacy Business...

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 business at Thrifty drug stores in Fort Bragg, California, to Ronald T. Lim. A pharmacist for 23 years, Lim will operate the pharmacy business at its current location in the Thrifty store located at 189 Highway #20.

Thrifty PayLess is based in Wilsonville, Oregon, and Green Equity is based in Los Angeles.

The divestiture was required under a 1995 FTC consent order settling charges that TCH Corporation's acquisition of the PayLess drug store chain would violate federal antitrust laws by substantially reducing competition for prescription drugs sold at retail pharmacy outlets in six areas in California, Washington and Oregon. The consent requires Thrifty PayLess to divest the pharmacy business in either the PayLess, Thrifty or Bi-Mart drug store in each of the areas. This the third to be approved by the Commission; applications have been approved in Bishop and Taft, California; applications for divestitures in Mt. Shasta and Fort Bragg, California, Florence, Oregon and Ellensburg, Washington, are pending.

The Commission vote to approve the divestiture was 5-0.

Copies of the Commission letter approving the divestitures, 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)