Walgreens Reaches Agreement with USA Drug to Acquire Pharmacy Business and Certain Other Assets of Memphis-Area Ike’s and Super-D Drugstores

DEERFIELD, Ill.--(BUSINESS WIRE)--Walgreens (NYSE: WAG) (NASDAQ: WAG) today announced it has reached an agreement with USA Drug to acquire the prescription files and certain other assets of 17 Ike’s and Super-D drugstores in the Memphis area.

“We have a long history of providing high quality pharmacy services in the Memphis area with our first store in the city opening in 1927”

Walgreens will purchase the prescription files at each of the 17 locations and transfer them to nearby Walgreens pharmacies. Patients whose prescriptions are being transferred will be notified by letter once the transaction has been completed later this month. In addition, Walgreens is currently in negotiations with USA Drug to acquire and continue to operate the two remaining Ike’s drugstores (located on Eastgate Park Avenue and Union Avenue) and anticipates staffing most of the store positions with the existing employees.

“We have a long history of providing high quality pharmacy services in the Memphis area with our first store in the city opening in 1927,” said Walgreens Tennessee market vice president Connie Latta. “Our staffs are ready to make the transition as seamless as possible for our new customers. We look forward to introducing them to the unique offerings that have made Walgreens one of the country’s most trusted providers of health and wellness services and basic needs.”

The acquisition is subject to certain customary terms and conditions. Financial terms of the transaction were not disclosed.

Walgreens (www.walgreens.com) is the nation’s largest drugstore chain with fiscal 2009 sales of $63 billion. The company operates 7,179 drugstores in all 50 states, the District of Columbia and Puerto Rico. Walgreens provides the most convenient access to consumer goods and services and cost-effective pharmacy, health and wellness services in America through its retail drugstores and Walgreens Health and Wellness Division. The division includes Take Care Health Systems, the largest and most comprehensive manager of worksite health and wellness centers and in-store convenient care clinics, with more than 700 locations throughout the country.