This acquisition gives Walgreens leadership position in the nation’s largest retail and drugstore market.
Duane Reade, founded in 1960 and named after its first store located on Broadway between Duane and Reade streets in Manhattan, is the largest drugstore chain in New York City. The company operates 257 stores throughout the metropolitan New York City region.
Duane Reade will continue to operate under its brand name after the transaction closes. With Walgreens currently operating 70 stores in the New York City metropolitan area, decisions will be made over time as to the best, most effective way to harmonize the Walgreens and Duane Reade brands. Walgreens expects to retain Duane Reade’s store, pharmacy and distribution center employees and many members of Duane Reade’s senior management team following the acquisition. Over time, consolidation of core functions at the corporate offices will occur.
is the nation’s largest drugstore chain with fiscal 2009 sales of $63 billion. The company operates 7,162 drugstores in all 50 states, the District of Columbia and Puerto Rico.