RETAIL
From Times Staff and Wire Reports
Creditors Agree to Revco Reorganization Plan: Revco D. S. announced that its creditors have accepted a bankruptcy reorganization plan for the drugstore chain. U.S. Bankruptcy Court Judge Harold White scheduled a hearing for Wednesday in Akron, Ohio, on the management-backed plan, which would allow Twinsburg, Ohio-based Revco to remain independent. Revco filed for Chapter 11 protection in July, 1988, when it was unable to pay the interest on $800 million in high-yield junk bonds from a 1986 leveraged buyout. During the bankruptcy proceedings, Revco successfully fended off takeover attempts by the Jack Eckard and Rite-Aid drugstore chains.
