Duane Read Pharmacy 40 Wall St Manhattan Ny
 | |
 Store in Chelsea, Manhattan | |
| Type | Subsidiary |
|---|---|
| Industry | Retail |
| Founded | 1960 (1960) in New York, New York, U.S. |
| Founders |
|
| Headquarters | 40 Wall Street, New York City, New York U.S. |
| Area served | New York metropolitan surface area |
| Fundamental people | Gregory Wasson (former President & CEO) |
| Services | Pharmacy |
| Revenue |  US$one.58 billion (2006) |
| Parent | Walgreens Boots Alliance |
| Website | duanereade |
Duane Reade Inc. ( dwayn REED ) is a chain of chemist's and convenience stores endemic by Walgreens Boots Alliance. Its stores are primarily located in New York City, and known for high-volume, small-scale store layouts in densely populated Manhattan locations. In 2012, the company headquarters was moved to 40 Wall Street in Lower Manhattan, the location of its newest flagship store.[1] [2]
History [edit]
Founded in 1960, the chain was started with iii stores by Abraham, Eli, and Jack Cohen, with a warehouse located between Duane Street and Reade Street on Broadway in Lower Manhattan.[3] Duane Reade takes its name from the company's showtime successful total-service drugstore, which opened in 1960 on Broadway between Duane and Reade Streets in TriBeCa just north of the Fiscal District. The streets themselves were named after early American politicians James Duane (1733-1797) and Joseph Reade (1694-1771).[4]
The Cohen family sold Duane Reade to Bain Capital in 1992[5] "for a reported $239 million".[6] Bain Capital in 1997 then sold majority ownership of the concatenation to Donaldson, Lufkin & Jenrette.[7]
Duane Reade completed its initial public offering (IPO) on February 10, 1998, trading on the New York Stock Exchange under the ticker symbol DRD.[8] On Baronial 2, 2004, the company appear it was acquired past Oak Colina Capital Partners and was again a private company.[9]
Gary Charboneau, the company'due south senior vice-president of sales and marketing since 1993, explained his store layout strategy in New York magazine in 2005. He designed each store using 4 sections: one for beauty and cosmetic products, another that serves as a pharmacy, a 3rd department for seasonal products such equally cards and candy, and a fourth for household and grocery items. Cosmetic items were placed nigh shop entrances, chemist's shop sections were moved to the rear of stores since—according to Charboneau—"people don't browse for prescriptions", and the other two sections occupied remaining space. As Ian Mountain wrote in the magazine article, "half of Duane Reade's sales come up from food, cosmetics, and the like."[3]
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.[iii]
In September 1998, Duane Reade acquired Stone Bottom Stores Inc, another drug retail concatenation with 38 retail stores, for $30 million plus an additional $31 million for the stores inventories.[10] [11]
While sales for Duane Reade rose from $i.fourteen billion in the 2001 fiscal year to $1.38 billion in 2003,[12] the combined impact of wedlock disputes, a local recession, and the destruction of their best-performing store in the September xi attacks forced the company to ho-hum its expansion from 30 new stores a year in 2001 and 2002 to no more 17 a year in 2003 and 2004.[three] Despite its expansion, the company had long-term debts of $405 million past October 2008, losing $33.i million in the first half of that year.[13] Almost all of its stores are located in New York City or the immediate suburbs.
On April 19, 2006, information technology was announced that after nearly 5 years, Duane Reade agreed to settle with Disabled In Action to make all of its stores ADA-compliant. Co-ordinate to the New York Daily News, Duane Reade estimated it would take two years to audit and revamp its stores for wheelchair access.
In November 2008, Duane Reade began rolling out a new logo.[fourteen] In April 2009, Duane Reade hired DeVito/Verdi every bit its pb advertising bureau.[15]
On April 9, 2010, Duane Reade was acquired by the Walgreen Company for $1.075 billion consisting of $618 1000000 in cash and $427 million of causeless debt.[sixteen] The transaction includes Duane Reade corporate part, 257 stores, and 2 distribution centers.[17]
On July half dozen, 2011, Duane Reade opened a location at 40 Wall Street in Lower Manhattan.[2]
A shopper in an aisle at a Duane Reade store in Manhattan's Penn Station.
Litigation and disputes [edit]
Duane Reade and its executives have been involved in various disputes with federal and local governments and labor unions over its business practices.
Two unions and Duane Reade Inc. struck a deal on April xi, 2006, to close a five-year contract dispute. The three-year deal 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. As part of the deal, Duane Reade and the unions settled all outstanding spousal relationship and visitor claims before the National Labor Relations Lath.[eighteen]
In November 1997, the company settled charges that it sold drugs and other products in its New Jersey stores that were expired or overpriced. Information technology agreed to pay a total of $200,000 in ceremonious penalties, investigative costs, and fees, and to comply with the state's laws and regulations, merely did not admit wrongdoing.
Its embattled CEO Anthony Cuti, forth with old CFO William Tennant, were indicted on Oct 9, 2008, in Manhattan federal court for falsely reporting company income and conspiring to commit securities fraud from Dec 2000 to June 2005.[19] Cuti had already been replaced in November 2005 by industry veteran Richard Dreiling, COO of San Francisco-expanse-based Longs Drugs stores.[20]
In June 2010, Cuti and Tennant were convicted of securities fraud occurring betwixt November 2000 and June 2005. They faced up to 20 years in prison. Cuti was sentenced on November 15, 2010, to three years in prison; Tennant was sentenced in September 2011 to time served, supervised release for iii years and a $10,000 fine.[21] [22]
References [edit]
- ^ "Duane Reade to motion corporate offices to xl Wall". The Existent Deal New York. 2012-01-05. Retrieved 2018-03-23 .
- ^ a b Slotnik, Daniel E. "At Duane Reade'southward Newest Outpost, Sushi and Hairstyling". New York Times . Retrieved 2018-01-08 .
- ^ a b c d Mountain, Ian (2005-05-29) "The Mystery of Duane Reade". nymag.com. Retrieved July 3, 2007. "Founded in 1960 by the brothers Abraham, Eli, and Jack Cohen, Duane Reade started as a three-shop health-and-beauty concatenation that took the name of the two streets that bounded its lower-Broadway warehouse."
- ^ Pickman, Sarah (2006-09-28) "[ane]". Archeology. Retrieved June 17, 2013.
- ^ "Duane Reade sold to investment group". Concatenation Drug Review. New York: Racher Press, Inc. July xiii, 1992. Retrieved Oct 10, 2008.
- ^ "July: family-endemic Duane Reade is sold; F&Thou files with SEC for public offer". Chain Drug Review. New York: Racher Press, Inc. Apr 26, 1993. Retrieved Oct ten, 2008.
- ^ Parks, Liz (Apr 26, 1993). "Cuti leads Duane Reade in strong comeback". Drug Shop News. New York. Retrieved October 10, 2008.
- ^ Wirth, Gregg (February 10, 1998). "Dow's Rising Tide Lifts IPO's Boats". TheStreet.com, Inc. Retrieved October x, 2008.
- ^ "Duane Reade Inc. to Get-Private Merger Consummated". August two, 2004. Retrieved October 10, 2008.
- ^ "Duane Reade Inc, Form viii-Yard, Current Report, Filing Appointment Sep 24, 1998" (PDF). secdatabase.com. Retrieved May 12, 2018.
- ^ "Company News; Duane Reade Agrees To Acquire Stone Lesser Stores". The New York Times. Baronial 6, 1998. Retrieved Oct 11, 2008.
- ^ "Duane Reade Inc, Course 10-K/A, Filing Date Jun 16, 2004". secdatabase.com. Retrieved May 12, 2018.
- ^ Cordova, Elisabeth Butler (October nine, 2008). "2 former Duane Reade executives indicted". New York: Crain Communications Inc. Retrieved Oct 11, 2008.
- ^ Chan, Sewell; Jennifer Lee (2009-01-02). "Jury Is Out on Duane Reade's New Look". The New York Times . Retrieved 2013-07-17 .
- ^ Ad calendar week, "DeVito/Verdi Takes Duane Reade", April 7, 2000, retrieved June 17, 2009
- ^ "Walgreen to Purchase Duane Reade for $one.1 Billion". The New York Times . Retrieved 11 December 2014.
- ^ "Walgreen Co, Form 8-K, Current Written report, Filing Date February eighteen, 2010". secdatabase.com. Retrieved May 12, 2018.
- ^ "Labor dispute at Duane Reade finally comes to an cease". Chain Drug Review. New York: Racher Printing, Inc. May ane, 2006. Retrieved October x, 2008.
- ^ Dienst, Jonathan (October 9, 2008). "Former Duane Reade Executives Defendant Of Securities Fraud". WNBC.com. Retrieved October ten, 2008.
- ^ "Richard Dreiling Appointed President and CEO of Duane Reade, Inc". New York: PR Newswire Association LLC. November 21, 2005. Archived from the original on April nineteen, 2007. Retrieved October 10, 2008.
- ^ William Tennant Avoids Prison in Duane Reade Fraud Case, by Reuters, September 7, 2011 New York Times Kindle Edition
- ^ "Duane Reade CEO, CFO Guilty: Anthony Cuti, William Tennant Bedevilled Of Fraud". Huffington Post. June nine, 2010.
External links [edit]
- Official website
- Duane Reade Inc EDGAR Filing History
Source: https://en.wikipedia.org/wiki/Duane_Reade
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