Walgreen Acquiring Arkansas-Based USA Drug
By Nancy Simpson
CREATED Jul. 5, 2012
PINE BLUFF, Ark. (AP) - Walgreen says it is acquiring the Arkansas-based drug store chain USA Drug.
The Deerfield, Ill., company says it will spend about $438 million to buy the chain, which began from a single store opened in Pine Bluff in 1968. The chain now has 144 stores in seven states.
Walgreen is purchasing USA Drug from Stephen L. LaFrance Holdings.
Walgreen says revenue from stores open at least a year sank 10 percent last month. It's also suffering from its split with pharmacy benefits manager Express Scripts.
Walgreen says USA Drug locations will continue to operate under their current brand names after the transaction closes. After that, the company will decide how to integrate the USA Drug stores into Walgreens.
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