"Acquisitions are very rare for us," said Walgreens Chairman and CEO David Bernauer.
Hi-School Pharmacy has 42 locations and is ranked as the 31st largest drugstore chain in the country. After this sale, Hi-School Pharmacy will continue operating 25 pharmacy stores in the Oregon, southwest Washington and California markets, along with a distribution center and corporate offices.
Eleven of the stores being sold will remain open as Hi-School Pharmacy stores while they are remodeled into Walgreens drugstores. Plans call for the remodelings to begin in January 2004 with a goal of all stores to be completed and operating under the Walgreens name by August 2004. At the other five locations, Walgreens is purchasing the pharmacy files and will transfer them to nearby Walgreen stores. The Aloha, OR, store files will be transferred to Walgreens this fall, and the remaining file transfers are expected to be completed by August 2004.
Walgreens entered the Portland-Vancouver market in 1996. It now operates 26 stores in the Portland-Vancouver market. In addition to the Hi-School Pharmacy stores it is acquiring, Walgreens plans to open another new store in Vancouver later this week and two more stores in the market in early 2004. The company has been described as the nation's largest drugstore chain with fiscal 2002 sales of $28.7 billion. Walgreens operates 4,120 stores in 44 states and Puerto Rico.
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