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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
JUNE 24, 1998
(Exact name of registrant as specified in its charter)
DRUG EMPORIUM, INC.
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
DELAWARE 0-16998 31-1064888
(Address of principal executive offices)
155 HIDDEN RAVINES DRIVE
POWELL, OHIO 43065
Registrant's telephone number, including area code
(740) 548-7080
(Former name or former address, if changes since last report.)
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ITEM 5. OTHER EVENTS.
On June 24, 1998 the Board of Directors of Drug Emporium, Inc.
authorized the adoption of an Amended and Restated Rights Agreement. The
principal changes to the Rights Agreement are as follows:
(i) The expiration date for the Rights has been extended from July
1, 1998 to July 1, 2008.
(ii) The initial purchase price for each one one-hundredth of a Share
of Series A Preferred Stock issuable pursuant to each Right has
been decreased from $50 to $15.
(iii) The percentage ownership at which a person becomes an Acquiring
Person has been reduced from 25% to 15%.
(iv) After a person becomes an Acquiring Person, the Rights can be
exchanged for Common Stock until an Acquiring Person acquires
beneficial ownership of 50% or more of the Common Stock.
(v) The Amendment also effected various technical and other
amendments to the original agreement.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit No. 4.1 Amended and Restated Rights Agreement (incorporated by
reference to Exhibit 4.1 to the Form 8-A/A filed June 30,
1998.)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DRUG EMPORIUM, INC.
Date: June 30, 1998
/s/David L. Kriegel
____________________________________
David L. Kriegel, President
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