A turbulent year at Genovese.

MELVILLE, N.Y. - A restructuring program involving the closing or sale of five stores, a successful new advertising campaign evoking images of old New York. renovation and expansion of several outlets, the debut of a full-service home health care division and the unveiling of a new expansion plan for greater New York were all on the agenda over the past topsy-turvy year at Genovese Drug Stores.

The first news from the company in 1997 was upbeat. Genovese simultaneously announced a 37% increase in net income for the fiscal year, which ended January 31, 1997, and the launch of an advertising campaign using nostalgic images and song to reinforce the message that the retailer 'takes good care" of its customers.

"For over three generations we have remained a constant in the lives of our customers. In a service-driven industry, our ability to be there through the …