Longs Drug to Buy 24 Pharmacies
Walnut Creek, Calif., Longs Drug Stores Corp. entered into an asset purchase agreement with Network Pharmaceuticals, Inc. to purchase 22 retail pharmacies, one wholesale pharmacy and one closed door pharmacy in Southern California for about $10 million, plus inventory. The transaction is expected to be completed in the second quarter and is subject to customary closing conditions.
The retail pharmacies average approximately 1,100 square feet and are located within or near medical office buildings, clinics and hospital lobbies. Upon completion of the transaction, Longs Drugs plans to operate the pharmacies under the name Network Pharmacies.
Wild Oats Shows Interest in Albertson’s, Winn-Dixie
Boulder, Colo., Wild Oats Markets Inc. may bid on 30 Albertsons and Winn-Dixie stores if they are put up for sale. However, a Wild Oats spokeswoman said it would take a couple of months to see if those opportunities open up. Winn-Dixie Stores Inc., which is operating under bankruptcy protection, has yet to file a reorganization plan, and Albertson’s Inc.’s acquisition by SuperValu Inc., CVS Corp. and a group of investors is not expected to close until this summer. The stores being considered by Wild Oats are located in Northern California, Colorado and Florida.
Pacific Sunwear Opens New Concept
Anaheim, Calif., Pacific Sunwear opened its new retail concept, One Thousand Steps. The new format is devoted to specialty footwear and accessories. It made its debut in Riverside and Cerritos, California and at Mall of America, Bloomington, Minnesota.