Drewry Photocolor Sells Its Last 3 Facilities
Drewry Photocolor in Burbank announced it has sold its last three processing labs, as part of its previously announced liquidation. Two of the labs, in Tacoma, Wash., and Denver, were sold to Photo Acquisitions, a subsidiary of Safeway Stores. The third, in Hayward, near San Francisco, was sold to TruColor Foto Co. in San Diego.
Drewry will be paid $3.4 million for the labs. Drewry shareholders in May voted to liquidate the company after management decided to sell its main photo processing facility to Osco Drug for about $5.7 million.
Proceeds from the liquidation will be divided among Drewry’s shareholders. The company has estimated the cash-out value to be more than $11 a share, twice what the stock generally traded at in recent years.
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