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Walgreens Buys Regional Chain As Sales Slump

July 5, 2012
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Deerfield, Ill.-based Walgreen Co. said Thursday that it would buy a regional drugstore chain from Stephen L. LaFrance Holdings Inc. for $438 million.

The 144 stores operate under the USA Drug, Super D Drug, May’s Drug, Med-X and Drug Warehouse banners, and are located in Arkansas, Kansas, Mississippi, Missouri, New Jersey, Oklahoma, and Tennessee.

“This acquisition expands our business in an important region of the country,” Walgreens CEO Greg Wasson said in a news release. “It will provide significant new pharmacy business for us in this region.”

Separately, Walgreen said its same-store sales in June fell 10 percent from a year earlier, a larger drop than the 8.2 percent expected from analysts polled by Thomson Reuters. Total sales fell 6.8 percent in June from a year earlier.

The LaFrance deal is expected to close Sept. 1. Walgreen currently operates 7,890 drugstores in the U.S. and Puerto Rico.

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