Duane Reade
Headquarters: 440 Ninth Avenue
New York, NY 10001
Phone: 212-273-5700
Employees: 7,000
CEO: John Lederer
Privately held
Website: http://www.duanereade.com
Career Site
Duane Reade is the largest drug store chain in the metropolitan New York City area, offering a wide variety of prescription and over-the-counter drugs, health and beauty care items, cosmetics, greeting cards, photo supplies and photofinishing. Duane Reade's aggressive and targeted store opening program has expanded the chain from 67 stores at the end of 1997 to 253 stores today. There are 145 locations in Manhattan.
Walgreens announced in February it would acquire Duane Reade for $1.1 billion. It plans to continue using the Duane Reade name but overlapping stores with Walgreens in NYC could close.
In 2009, Duane Reade reported revenues of $1.8 billion. The company says it has the highest sales per square foot in the drugstore industry.
The company employs approximately 7,000 people in its stores, two distribution centers and corporate offices.
History
Founded in 1960, Duane Reade began as one store on Broadway between Duane and Reade Streets in Manhattan, and has expanded to occupy the leading market share position in the area.
On July 30, 2004, Duane Reade was acquired by Oak Hill Capital Partners LP, a private equity firm with investments in over 40 other companies and more than $4.6 billion under management. The acquisition was achieved through a purchase of all of the outstanding shares of Duane Reade's common stock, combined with a reissuance of the Company's public debt.
Duane Reade is now privately-held and the daily store operations remain largely unchanged, allowing management the opportunity to focus on improving overall performance and enhance the company's metro area market share.
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