Posted 3/18/2010 11:03 am
Updated 1 year ago
USA Drug of Pine Bluff announced Wednesday that it was selling its 17 Memphis area Super-D and Ike's stores to Walgreens of Deerfield, Ill., for an undisclosed amount.
USA Drug plans to use the proceeds from the sale for more acquisitions, Joe Courtright, USA Drug president and CEO, said in a news release.
"We have several additional new store projects planned for the current fiscal year," Courtright said. "The end of the very large Ike's format will also allow us to focus our attention on two main prototypes and make us an even stronger company going forward."
A spokesperson for USA Drug declined to comment on USA Drug's plans.
The deal with Walgreens is expected to close on Tuesday. Walgreens is also in negotiations with USA Drug to acquire the two remaining Ike's drugstores in the Memphis area.
USA Drug bought the Super-D and Ike's stores in 1997.
"At the time, the 12 store chain purchased the 97 store giant," the news release said.
USA Drug operates 152 stores in Arkansas and surrounding states. It will continue operating and acquiring stores in Tennessee but outside of the Memphis area.
Stephen LaFrance Pharmacy Inc. of Pine Bluff, the parent company of USA Drug, had estimated revenue in 2008 of $971.1 million, up 7.1 percent from 2007.