As part of the deal, Duane Reade and the unions settled all outstanding union and company claims before the National Labor Relations Board. The three-year agreement covers "all of Duane Reade's clerks, cashiers, pharmacy clerks, pharmacy technicians, and photo technicians", and it closes a dispute dating from September 2001, when their previous contract expired. struck a deal on April 11, 2006, to close a five-year contract dispute. Litigation and disputes ĭuane Reade and its executives have been involved in various disputes over its business practices with federal and local governments and labor unions. A shopper in an aisle at a Duane Reade store in Manhattan's Penn Station. On July 6, 2011, Duane Reade opened a location at 40 Wall Street in Lower Manhattan. The transaction includes Duane Reade corporate office, 257 stores, and two distribution centers. On April 9, 2010, Duane Reade was acquired by the Walgreen Company for $1.075 billion consisting of $618 million in cash and $427 million of assumed debt. In April 2009, Duane Reade hired DeVito/Verdi as its lead advertising agency. In November 2008, Duane Reade began rolling out a new logo. According to the New York Daily News, Duane Reade estimated it would take two years to inspect and revamp its stores for wheelchair access. On April 19, 2006, it was announced that after nearly five years, Duane Reade agreed to settle with Disabled In Action to make all of its stores ADA-compliant. Almost all of its stores are located in New York City or the immediate suburbs. Despite its expansion, the company had long-term debts of $405 million by October 2008, losing $33.1 million in the first half of that year. While sales for Duane Reade rose from $1.14 billion in 2001 fiscal year to $1.38 billion in 2003, the combined impact of union disputes, a local recession, and the destruction of their best-performing store in the September 11 attacks forced the company to slow its expansion from 30 new stores a year in 20 to no more than 17 a year in 20.
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In September 1998, Duane Reade acquired Rock Bottom Stores Inc, another drug retail chain with 38 retail stores, for $30 million plus an additional $31 million for the store's inventories. Under CEO Anthony Cuti, who was previously president of Pathmark, the store expanded from 59 stores in 1996 to 249 stores in May 2005, with more stores in New York City than any other drugstore chain. Ian Mount wrote in the magazine article, "half of Duane Reade’s sales come from food, cosmetics, and the like." Cosmetic items were placed near store entrances, pharmacy sections were moved to the rear of stores since-according to Charboneau-"people don’t browse for prescriptions", and the other two sections occupied the remaining space. He designed each store using four sections: one for beauty and cosmetic products, another that serves as a pharmacy, a third section for seasonal products such as cards and candy, and a fourth for household and grocery items. Gary Charboneau, the company's senior vice-president of sales and marketing since 1993, explained his store layout strategy in New York magazine in 2005. On August 2, 2004, the company announced it was acquired by Oak Hill Capital Partners and was again a private company. ĭuane Reade completed its initial public offering (IPO) on February 10, 1998, trading on the New York Stock Exchange under the ticker symbol DRD.
Bain Capital in 1997 then sold majority ownership of the chain to Donaldson, Lufkin & Jenrette. The Cohen family sold Duane Reade to Bain Capital in 1992 for a reported $239 million. The streets themselves were named after early American politicians James Duane (1733-1797) and Joseph Reade (1694-1771).
Duane Reade takes its name from the company's first successful full-service drugstore, which opened in 1960 on Broadway between Duane and Reade Streets in TriBeCa just north of the Financial District. History įounded in 1960, the chain was started with three stores by Abraham, Eli, and Jack Cohen, with a warehouse located between Duane Street and Reade Street on Broadway in Lower Manhattan. In 2012, the company headquarters was moved to 40 Wall Street in Lower Manhattan, the location of its newest flagship store. They are known for high-volume, small store layouts in densely populated Manhattan locations. Its stores are primarily in New York (metropolitan New York City, Nassau, Suffolk, Westchester, Rockland, and Fairfield Counties) and in New Jersey. ( / d w eɪ n ˈ r iː d/ dwayn REED) is a chain of pharmacy and convenience stores owned by Walgreens Boots Alliance.
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