Walgreen Acquires Eight Medic Locations
Deerfield, Ill., Walgreen Co. will acquire selected assets of Medic Drugstores, a 23-store chain in Cleveland and the surrounding area. Walgreens is acquiring the assets from Hilco, a retail restructuring specialist and agent for Medic. Terms of the transaction, which will close Oct. 21, were not disclosed. Once finalized, Walgreens will convert eight Medic locations to the Walgreens banner. Those stores will remain open while they’re converted to Walgreens, beginning the week of Oct. 28. The pharmacies at the other 15 stores will close as of Oct. 22 and have their pharmacy records transferred to nearby existing Walgreens drugstores, which can immediately begin filling these prescriptions. The non-pharmacy portion of those 15 stores will remain open while an inventory liquidation sale is conducted by Hilco.
“Our focus continues to be on organic store growth, but Medic offered us an opportunity to fill gaps in the Cleveland market,” said Walgreens Chairman and CEO Dave Bernauer. “Medic has a reputation for strong service, and we’ll continue providing that to their customers and pharmacy patients.”