Inside This Issue - News
USA Drug sells 17 units to Walgreens
March 29th, 2010
MEMPHIS, Tenn. – Walgreen Co. has acquired the pharmacy files of 17 Ike’s and Super-D stores in this market from USA Drug. Terms were not disclosed.
Walgreens is in negotiations with USA Drug to purchase and continue operating the regional chain’s two other Ike’s stores (on Eastgate Park Avenue and Union Avenue) here.
The pharmacy files will be transferred to nearby Walgreens drug stores. Patients whose prescriptions are being transferred will be notified by letter.
“We have a long history of providing high-quality pharmacy services in the Memphis area, with our first store in the city opening in 1927,” says Walgreens Tennessee market vice president Connie Latta. “Our staffs are ready to make the transition as seamless as possible for our new customers.
“We look forward to introducing them to the unique offerings that have made Walgreens one of the country’s most trusted providers of health and wellness services and basic needs.”
USA Drug president and chief executive Joe Courtright notes that the timing of the sale will allow the retailer to continue a pattern of growth through acquisition in other areas.
He adds that the sale is unrelated to the recession.
“We fully expect to reinvest the proceeds from the sale toward more acquisitions and, as a result, forecast even greater earnings,” Courtright says. “We have several additional new store projects planned for the current fiscal year. The end of the very large Ike’s format will also allow us to focus our attention on two main prototypes and make us an even stronger company going forward.”
The original 33,000-square-foot Ike’s store debuted in 1984 in the Eastgate Shopping Center. The deep-discount drug store was the first of its kind in Tennessee.