Duane Reade
 |
|
| Subsidiary | |
| Industry | Retail |
| Founded | 1960 |
| Founders |
|
| Headquarters | 440 Ninth Avenue, New York City |
|
Number of locations
|
250 stores |
|
Area served
|
New York metropolitan area |
|
Key people
|
Gregory Wasson (former President & CEO) |
| Services | Pharmacy |
| Revenue |
 US$1.58 billion (2006) |
| Parent |
Walgreens Boots Alliance (2014–present) |
| Website | duanereade |
Duane Reade Inc. (Pronounced: /ˈdueɪn riːd/), a subsidiary of Walgreens Boots Alliance, 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 at 440 Ninth Avenue in Midtown Manhattan, just near Madison Square Garden; its newest flagship store is located at 40 Wall Street in Lower Manhattan.
Founded in 1960, the chain was started with three stores by Abraham, Eli, and Jack Cohen, with a warehouse located between Duane and Reade streets on Broadway in Lower Manhattan. 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. The streets themselves were named after early American politicians James Duane (1733-1797) and Joseph Reade (1694-1771).
The Cohen family sold Duane Reade to Bain Capital in 1992 "for a reported $239 million". Bain Capital in 1997 then sold majority ownership of the chain to Donaldson, Lufkin & Jenrette.
Duane Reade completed its initial public offering (IPO) on February 10, 1998, trading on the under the ticker symbol DRD. On August 2, 2004, the company announced it was acquired by Oak Hill Capital Partners and was again a private company.
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Wikipedia