Columbia Inks Management Deal With Eckerd
Columbia Energy Services, the nonregulated gas and electric
marketing subsidiary of Columbia Energy Group, signed a deal Monday
to supply many of the Eckerd Corp.'s drugstores with gas and
electric management. No terms of the deal were released.
Columbia will develop and implement programs for the acquisition
and management of Eckerd's natural gas requirements. In states
where gas deregulation has reached the small commercial level,
Columbia will supply gas to the stores. Columbia already manages
energy for Eckerd stores in Georgia, New York, Pennsylvania, and
"Although the deal was done at the corporate level, we continue
to add stores to the list," said a source. "That is why we haven't
announced the terms of the deal. Hopefully, we won't stop until
we've signed them all."
Although the source could not reveal the names of other clients,
she did say Columbia had energy management deals with other
national department stores and restaurant chains. Columbia Energy
Services markets over 4.3 Bcf/d to clients throughout the U.S.
"Columbia Energy Services is placing a distinctive focus on our
national accounts," the spokesperson said. "This kind of agreement
will be occurring frequently in the very near future. On the scale
of things, however, this Eckerd deal is fairly substantial."
The Clearwater, FL-based Eckerd Corp. is a wholly owned
subsidiary of J.C. Penny Co. There are 2,900 Eckerd drug stores in
20 states within the Northeast, Midwest, and Sun Belt regions of
the U.S. Eckerd projects its 1999 revenues to be $12 billion.
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