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Duane Reade Is Closing a Tribeca Store
“Signs on the Duane Reade in the former bank building on the corner of Canal and Broadway state that it’s closing in February,” reports N. “So strange, that location recently opened [in the fall of 2015] after an extensive remodel. Can only imagine the landlord was approached by a would-be tenant with an offer he could not refuse and bought Duane Reade out of its lease (an expensive proposition).” And/or Walgreens is simply walking away from its lease. The store was never busy, that I saw, and as the closing sign notes, there’s another Duane Reade two blocks to the north.
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Never understood why they needed this there, but I liked it a) because nearest to me, b) decent hours, c) cleaned up a lovely building from longterm eyesore. But it was never busy, true.
Just to let you know, Duane Reade/Walgreens are all closing their doors (at least for the most part). Their reason? Rents have skyrocketed our of control and it just isn’t reasonably affordable to operate. I spoke today with a friend who works at Duane Reade on my corner in Kew Gardens, NY. She told me my store would be closed on December 14th 2017. We are all witnessing the fall of a company that have faithfully provided service to millions of customers nationwide. CVS is an idiot company with horrible management and I don’t trust them. It’s funny how they can stay open and Duane Reade/Walgreens is going down in flames in NYC.
Now that Walgreen’s purchase of Rite-Aid has been approved, Walgreens has confirmed they will be closing SOME stores when they are closer than one mile to another. But there is no confirmation that they’ll be closing ALL their stores…or even MOST of their stores.
I heart that building.
Finally found pharmacists that actually knew my name and CARED! I have never had such personal and excellent service!
Teresa and Eric – You are the best! This is really disappointing news.
Agreed with Ms. Gilbert. The pharmacists at that location Theresa and Eric are absolutely standout. I hope they will remain nearby so we can still see them and receive their particular brand of superior customer service.
Contact Duane Reade and see if Theresa and/or Eric will be reassigned to the Duane Reade a few blocks north, further down Broadway, or on Greenwich Street. Maybe (hopefully) they will be.
I agree with Sara. Theresa and Eric were terrific. They even called me to remind me to get my flu shot (which I did) and they administered it very well. Could always find what I needed there even, in a pinch, milk. A clean well run place that will be missed.
23rd & 3rd Duane Reade is also closing. My bldg has 350 people, dorm around the corner & bus stop in front of the store. Store on 2nd Ave but staff is nasty. Made all store employees move stock around the store where you can’ t find it. Regional Mgr made decision but doesn’t work or live near.
These closures may be related to the Walgreen’s-Rite Aid merger:
New York Post
BUSINESS EXCLUSIVE
Private equity firm could be a white knight for Walgreen-Rite Aid merger
By Josh Kosman January 27, 2017 | 2:24pm | Updated
Private-equity giant Cerberus Capital has emerged as a possible white knight if the merger of Walgreen and Rite Aid runs into static with regulators, The Post has learned.
The New York-based buyout firm, headed by reclusive billionaire Steven Feinberg, is now interested in acquiring the 865 drugstores that Walgreen has agreed to divest to settle antitrust concerns about the $9.7 billion deal, sources said.
In fact, Cerberus had participated in Walgreen’s December auction of the stores in question, losing to a winning bid of $950 million from regional drug chain Fred’s, according to two sources close to the situation.
That’s despite the fact that Cerberus, which made its losing bid through the Albertsons grocery chain it owns, had submitted a higher-dollar offer for the stores, the sources said.
Walgreen had rejected Cerberus’ bid partly because it was concerned the Federal Trade Commission would not approve a private-equity buyer, according to the sources.
The sentiment among regulators, insiders said, has been that buyout firms typically do not restore competition to a sector, since they buy and sell their businesses within a few years.
Now, however, the FTC is expressing concerns about the viability of Fred’s as a buyer, as $950 million looks like a big bite to swallow for the Memphis, Tenn.-based chain.
Seeing a potential opportunity, Cerberus officials have recently reiterated their interest in buying the divested stores, according to one source close to the process.
Cerberus “denies it ever contacted the FTC about this transaction or the bidding process,” a Cerberus spokesman said.
Doubts about the deal’s approval have kept a lid on Rite Aid shares. Although Walgreen has agreed to pay $9 a share for its rival, Rite Aid’s shares were recently off 5.6 percent at $6.40.
Investor worries are apparently growing, as the merger agreement technically expired on Friday.
Nevertheless, “I’m not aware of the Walgreen’s merger being in danger of collapsing,” a source with direct knowledge of the deal said.
Walgreen’s or Rite Aid can walk away from their $9.7 billion merger starting Friday, but neither party is expected to do so, sources said. They do not need to extend the merger termination date, but can simply elect not to terminate the deal, according to a well-placed source.
In addition to Cerberus’ willingness to step in and buy the stores, one source said the FTC is not preparing a lawsuit to block the merger.
Fred’s, a small drugstore chain, may become national player
Updated: Dec 23, 2016 – 4:37 PM
NEW YORK (AP) – Fred’s, a small regional drugstore chain from Memphis, Tennessee, has had a very good week.
It all started Tuesday, when Fred’s said it would pay $950 million to buy 865 stores that Rite Aid needed to sell in order to appease anti-trust regulators and close its $9.4 billion buyout deal with Walgreens Boots Alliance Inc.
The deal will more than double Fred’s current store count of 650. CEO Michael Bloom called it a “transformative event” for the company.
Fred’s stock has soared since, rising about 75 percent this week, its biggest one-week gain since its shares began trading nearly 25 years ago.
The company, founded in 1947, sells cosmetics, food and runs about 370 pharmacy departments within its stores. Fred’s lost money in the past two fiscal years, and had been in the process of closing stores that weren’t performing well. Its revenue last year was $2.2 billion, compared to Walgreens’ $117.4 billion and Rite Aid’s $30.7 billion.
Fred’s said buying the Rite Aid stores will turn it into a “national competitor,” possibly helping it expand outside of the Southeast. More than half of Fred’s stores are in Mississippi, Georgia, Tennessee or Alabama.
Rite Aid’s 4,600 stores are spread out around the country, but its biggest presence is along the coasts, in states such as California, New York and New Jersey. The companies won’t announce which stores Fred’s will buy until the deal between Walgreens and Rite Aid closes, which is expected to happen in the first half of next year. And Fred’s could buy more Rite Aid stores if the U.S. government requires it to. Walgreens and Rite Aid are expected to be left with about 12,000 stores.
Analysts at Raymond James said it was a “great deal” for Fred’s, estimating that it would be paying about $1.1 million for each Rite Aid store, a fraction of what Walgreens is estimated to be paying for Rite Aid stores.
Fred’s also caught the eye of a New York hedge fund. Alden Global Capital disclosed Thursday that it has a nearly 25 percent stake in Fred’s, making it the chain’s largest shareholder. Alden Global Capital plans to speak with Fred’s management about its performance and strategic plans, it said in a government filing. A representative for Fred’s did not respond to a request for comment Friday.
Shares of Fred’s Inc. rose 82 cents, or 4.2 percent, to close Friday at $20.20.
Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
They are also closing on Broadway between 75-76th street Plus they closed all 10 walk in clinics in the city, and shut down their distribution center in Queens, laying off 200 people. This is a big issue for people on medications who rely on their pharmacies for life saving medicines.– many pharmacies are not certified for certain critical medications, and finding a new one that is can be very difficult. If Duane Reade didn’t have so many pharmacies this would not be a big deal — we can order everything they carry online at much lower prices — but companies like this that are so deeply involved in people’s healthcare need to be more committed to helping their customers than to their own corporate profits.
I’m with all of those above who think Eric is the best pharmacist ever know! I’m going to tell him how much he was appreciated & will be sorely missed!
But that store was in fact always deserted & I was surprised when it opened in the first place since there was a Duane Reade in the same building in the 90’s & a fairy new one just two blocks north.
OMG! Now what will I do? I’ll have to go the Duane Reade on the next corner. r the one on the corner after that. Or the one after that…
Meanwhile, how about having some arts group take over that beautiful building? Artists’ Space? White Columns? Okay, a pipe dream, but there you are.
I expect it is all related to plans announced in 2015, which roll through this year, around cost savings. This store may have seen great traffic but had a very high overhead cost leading toward it being on the chopping block list.
From USA Today, 4/9/15…
“Drugstore chain Walgreens Boots Alliance (WBA) announced plans to close about 200 U.S. stores as part of its first earnings report since it merged with European drug retailer Alliance Boots last year.
Walgreens, the largest U.S. drugstore chain, said it will close the stores amid plans to boost its previously announced cost-cutting initiative by $500 million.
Walgreens expects to reduce costs by a projected $1.5 billion by the end of fiscal 2017, the company said.”
That’s too bad. I share the same sentiment about Theresa and Eric being the best pharmacists I have ever dealt with. Will really miss the store because of them, will try to see if a message to Duane Reade gets anywhere
This is part of a number of closings (a store on 28th and 3rd) and one on 23rd and 3rd both also closed on Feb 28, 2017.