Genovese Drug Stores

Genovese Drug Stores was founded in 1924 by Joseph Genovese in Astoria, Queens.^[1] In 1955, Joseph W. Genovese Jr., the son of the founder and the chairman of the board, introduced self‐service in the chain.^[2]

Joseph Jr. died in December 1975 at the age of 46 after undergoing surgery.^[2] His father died in November 1978 at the age of 75.^[3] His second son, Leonard Genovese, replaced him as chairman.^[4][5]

By 1978, the chain had 50 locations with headquarters in Melville, New York.^[3][6] In the early 1980s, some locations added arcade video games as an alternative source of revenue.^[7] Genovese also operated Genrex, a nursing home division during this time.^[8][9] The company opened its first Manhattan location in 1993.^[10] That year, it also opened its 100th store.^[11]

In January 1998, the company closed 5 stores and cut 11% of its workforce due to declining profitability.^[12]

In November 1998, the chain was acquired by JC Penney, the parent company of Eckerd, for $432 million in stock and the assumption of $60 million in debt. At that time, the chain was headquartered in Melville, New York and had 141 stores with 5,000 employees.^[1] It was still almost entirely owned by the Genovese family.^[5]

Following the acquisition, the new owners planned to convert all Genovese locations to the Eckerd name within a year. However, the chain ultimately remained. By 2003, all Genovese stores were remodeled and rebranded as Eckerd.^[13]

Three years later, Eckerd was in turn purchased by Rite Aid and all locations were rebranded.^[14] In 2023, Rite Aid filed for Chapter 11 bankruptcy.^[15] Despite shutting down 20 years prior, Genovese Drug Stores was still listed in the filing.^[16]

On May 5, 2025, Rite Aid filed for Chapter 11 bankruptcy for the second time in 2 years, listing assets and liabilities between $1 billion and $10 billion. Rite Aid will sell all of its assets as part of its procedure, as it overcomes financial challenges such as debt, increased competition, and inflation, including Genovese Drug Stores.^[17]