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Home / Vacancy at Duane Reade at Queens Ny

Vacancy at Duane Reade at Queens Ny

Duane Reade Inc.
Type Private (subsidiary of Walgreens)
Industry Retail
Pharmacy
Founded New York Metropolis, NY, U.Southward. (1960 (1960))
Founder(s) Abraham Cohen
Eli Cohen
Jack Cohen
Headquarters New York City, NY, U.S.
Area served Nationwide
Key people John A. Lederer,
Chairman and CEO
Revenue increase 1.58 billion USD
(2006 fiscal twelvemonth)
Parent Walgreen Company
Website www.duanereade.com

Duane Reade Inc., a subsidiary of the Walgreen Company, is a chain of pharmacy and convenience stores, primarily located in New York City, known for its high volume small store layouts in densely populated Manhattan locations. The headquarters is located along Ninth Avenue in Midtown Manhattan. [ane]

Contents

  • 1 History
  • 2 The concatenation
    • two.i Store offerings and layouts
    • 2.2 Expansion
  • iii Litigation and disputes
  • iv References
  • 5 External links

History

Founded in 1960, the chain was started with three stores by Abraham, Eli, and Jack Cohen, with a warehouse located between the Duane and Reade streets on Broadway in Lower Manhattan. [2]

The Cohen family sold Duane Reade to Bain Uppercase in 1992 [three] "for a reported $239 meg". [four] Bain Capital in 1997 then sold majority ownership of the chain to DLJ. [5]

Duane Reade completed its initial public offering (IPO) on February x, 1998, trading on the New York Stock Exchange under the ticker symbol DRD. [6] On August ii, 2004, the company appear information technology was acquired by Oak Loma Capital Partners and was once again a private company. [vii]

In November 2008, Duane Reade began rolling out a new logo.[ citation needed ] In April 2009, Duane Reade hired DeVito/Verdi as its atomic number 82 advertising bureau. [8]

On April 9, 2010, Duane Reade was acquired by the Walgreen Company for $623 million.

A shopper in an aisle at a Duane Reade store in Penn Station

The chain

Store offerings and layouts

Gary Charboneau, the company'southward senior vice-president of sales and marketing since 1993, explained his store layout strategy in New York magazine in 2005. He designed each store using 4 sections: 1 for beauty and cosmetic products, another that serves as a pharmacy, a third section for seasonal products such every bit cards and candy, and a fourth for household and grocery items. Cosmetic items were placed almost store entrances, chemist's sections were moved to the rear of stores since—according to Charboneau—"people don't browse for prescriptions", and the other two sections occupied remaining space. As Ian Mount wrote in the magazine commodity, "one-half of Duane Reade'due south sales come from food, cosmetics, and the like." [ii]

Expansion

Nether CEO Anthony Cuti, who was previously president of Pathmark, the store expanded from 59 stores in 1996 to 249 stores in May 2005, with more stores in New York City than any other drugstore chain. [2] In 1998, Duane Reade acquired Rock Lesser Stores Inc, another drug retail chain, for $61 one thousand thousand and an boosted $thirty 1000000 for the 38 stores which were converted. [9]

While sales for Duane Reade rose from $1.17 billion in the 2001 fiscal year to $1.47 billion in 2003, the combined touch of union disputes, a local recession, and the destruction of their all-time-performing store in the September xi attacks forced the company to slow its expansion from 30 new stores a year in 2001 and 2002 to no more than than 17 a year in 2003 and 2004. [two] Despite its expansion, the company had long-term debts of $405 million by October 2008, losing $33.1 million in the first one-half of that year. [10] Most all of its stores are located in New York City or the immediate suburbs.

Litigation and disputes

Duane Reade and its executives have been involved in various disputes with federal and local governments and labor unions over its business practices.

Its embattled CEO Cuti, forth with former CFO William Tennant, were indicted on October 9, 2008 in Manhattan federal court for falsely reporting visitor income and conspiring to commit securities fraud from December 2000 to June 2005. [11] Cuti had already been replaced in November 2005 by industry veteran Richard Dreiling, COO of San Francisco-area-based Longs Drugs stores. [12]

Ii unions and Duane Reade Inc. struck a deal on April xi, 2006 to shut a five-year contract dispute. The 3-year deal covers "all of Duane Reade's clerks, cashiers, pharmacy clerks, pharmacy technicians, and photo technicians", and it closes a dispute dating from September 2001, when their previous contract expired. Equally role of the bargain, Duane Reade and the unions settled all outstanding union and company claims before the National Labor Relations Board. [13]

In November 1997, the company settled charges that information technology sold drugs and other products in its New Jersey stores that were expired or overpriced. It agreed to pay a full of $200,000 in civil penalties, investigative costs, and fees, and to comply with the country's laws and regulations, simply did not admit wrongdoing. [14]

In June 2010, sometime Duane Reade Chief Executive Officer Anthony Cuti and Chief Financial Officer William Tennant were convicted of securities fraud occurring betwixt November 2000 and June 2005. They are facing upward to 20 years in prison. Cuti was to exist sentenced on November xv, 2010, to iii years in prison. Tennant was sentenced in September 2011 to time served, supervised release for iii years and a $10,000 fine. [xv] [16]

References

Notes
  1. ^ "accost.gif." Duane Reade. Retrieved on December 22, 2010. "Duane Reade Inc. 440 9th Ave New York, NY 10001."
  2. ^ a b c d Mount, Ian (2005-05-29) "The Mystery of Duane Reade". nymag.com. Retrieved July 3, 2007. Duane Reade takes its name from the Company's first successful full-service drugstore, which opened in 1960 on Broadway between Duane and Reade Streets in Manhattan. "Founded in 1960 by the brothers Abraham, Eli, and Jack Cohen, Duane Reade started as a three-shop health-and-beauty chain that took the name of the 2 streets that divisional its lower-Broadway warehouse."
  3. ^ "Duane Reade sold to investment group". Chain Drug Review. New York: Racher Press, Inc.. 1992-07-13. http://findarticles.com/p/articles/mi_hb3007/is_n19_v14/ai_n28617449 . Retrieved 2008-10-10.
  4. ^ "July: family unit-owned Duane Reade is sold; F&One thousand files with SEC for public offering". Chain Drug Review. New York: Racher Printing, Inc.. 1993-04-26. http://findarticles.com/p/manufactures/mi_hb3007/is_n13_v15/ai_n28623833 . Retrieved 2008-10-10.
  5. ^ Parks, Liz (1997-ten-twenty). "Cuti leads Duane Reade in stiff comeback". Drug Store News. New York. http://findarticles.com/p/articles/mi_m3374/is_n17_v19/ai_19938203 . Retrieved 2008-ten-10.
  6. ^ Wirth, Gregg (1998-02-x). "Dow's Rising Tide Lifts IPO's Boats". TheStreet.com, Inc. http://www.thestreet.com/story/12091/i/dows-rising-tide-lifts-ipos-boats.html . Retrieved 2008-10-10.
  7. ^ "Duane Reade Inc. to Go-Private Merger Consummated.". 2004-08-02. http://sec.gov/Archives/edgar/data/895364/000095014204002802/ex99-1form8k_080204.txt . Retrieved 2008-ten-10.
  8. ^ Advertizement week, "DeVito/Verdi Takes Duane Reade", 7 Apr 2000, retrieved 17 June 2009
  9. ^ "Company News; Duane Reade Agrees To Larn Rock Lesser Stores". The New York Times. 1998-08-06. http://query.nytimes.com/gst/fullpage.html?res=9B05E7DB123BF935A3575BC0A96E958260 . Retrieved 2008-10-11.
  10. ^ Cordova, Elisabeth Butler (2008-10-09). "Ii former Duane Reade executives indicted". New York: Crain Communications Inc.. http://world wide web.crainsnewyork.com/apps/pbcs.dll/article?AID=/20081009/FREE/810099985/1061 . Retrieved 2008-10-eleven.
  11. ^ Dienst, Jonathan (2008-10-09). "Former Duane Reade Executives Accused Of Securities Fraud". WNBC.com. http://world wide web.wnbc.com/investigations/17681805/item.html . Retrieved 2008-x-x.
  12. ^ "Richard Dreiling Appointed President and CEO of Duane Reade, Inc.". New York: PR Newswire Clan LLC.. 2005-eleven-21. http://sev.prnewswire.com/retail/20051121/NYM15521112005-1.html . Retrieved 2008-10-10.
  13. ^ "Labor dispute at Duane Reade finally comes to an end". Concatenation Drug Review. New York: Racher Press, Inc.. 2006-05-01. http://findarticles.com/p/manufactures/mi_hb3007/is_8_28/ai_n29261075 . Retrieved 2008-10-10.
  14. ^ "Duane Reade pays to settle consumer case". Hackensack, New Jersey: The Tape. 2007-xi-20. http://www.tradingmarkets.com/.site/news/Stock%20News/846695/ . Retrieved 2008-10-10.
  15. ^ William Tennant Avoids Prison in Duane Reade Fraud Case, by Reuters, 7 September 2011 New York Times Kindle Edition
  16. ^ http://www.huffingtonpost.com/2010/06/09/duane-reade-ceo-cfo-guilt_n_605729.html

External links

  • Duane Reade

connellthimeftes.blogspot.com

Source: https://en-academic.com/dic.nsf/enwiki/460700