Duane Reade

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Duane Reade is a chain of drugstores/convenience stores, primarily located in New York City, famous for its high volume small store layouts in densely populated Manhattan locations.Under the original Cohen family ownership Duane Reade was the best performing drug store in America (according to Drug Store News and Chain Drug Review) on a dollar and profit per square foot basis.

1 History
2 Expansion
3 Litigation & Disputes
4 References
5 External links

[edit] History

Founded in 1959, the chain was started by the Cohen brothers from Brooklyn with the first store being located between Duane and Reade Streets on Broadway in lower Manhattan.The Cohen family sold Duane Reade to Bain Capital in 1992 for close to $300 million dollars.Bain Capital in 1997 then sold the chain to D.L.J.^[1] Duane Reade completed its initial public offering (IPO) on February 10, 1998. It traded on the New York Stock Exchange under the ticker symbol DRD until August 2, 2004, when it was acquired by Oak Hill Capital Partners and taken private.

[edit] Expansion

The chain has greatly expanded in recent years, growing from 67 stores in 1997 to 241 stores at the end of 2003. Sales for the 2003 fiscal year totaled $1.4 billion. Almost all of its stores are located in New York City or the immediate suburbs.

[edit] Litigation & Disputes

Duane Reade's embattled CEO Anthony Cuti was replaced in November, 2005, by Richard Dreiling COO of San Francisco-area-based Longs Drugs stores and an industry veteran.

Two labor unions and Duane Reade Holdings Inc. struck a deal April 11, 2006 to close a five-year contract dispute at 141 drug stores. The three-year deal covers more than 2,600 clerks at stores in New York City and Long Island, and it closes a dispute dating from 2001, when the previous contract expired. As part of the deal, Duane Reade and the unions settled all outstanding union and company claims before the National Labor Relations Board.^{[citation needed]}

On Nov 20, 2007 (The Record - McClatchy-Tribune Information Services via COMTEX) Duane Reade International Inc. agreed to pay $200,000 to settle charges it sold expired or overpriced non-prescription drugs, infant formula, baby food and other products at its New Jersey stores. Duane Reade agreed to pay $175,000 in civil penalties and to reimburse the state $25,000 in investigative costs and attorneys' fees. An additional $100,000 in civil penalties was suspended if the company adheres to the settlement over the next year.

Without admitting any liability or wrongdoing, Duane Reade agreed to comply with state's laws and regulations governing its business practices, including the Consumer Fraud Act, the Weights and Measures Act and the Refund Policy Disclosure Act