Printer Friendly

ARBOR DRUGS SIGNS AGREEMENTS TO ACQUIRE 10-STORE M&R DRUGSTORE CHAIN

 TROY, Mich., Oct. 13 /PRNewswire/ -- Arbor Drugs (NASDAQ: ARBR), the drugstore market share leader in metropolitan Detroit, has executed agreements to acquire 10 drugstores from New Baltimore, Mich.-based M&R Drug Stores. The announcement of the proposed acquisition was made by Eugene Applebaum, chairman and CEO of Troy-based Arbor Drugs.
 Commenting on the agreement, Applebaum said, "The M&R Drug Store chain represents an excellent fit with our health care focus, in addition to being in communities that we have identified for expansion. This investment will increase our market share in the greater metropolitan Detroit area, further strengthening our leadership position in this market.
 "Arbor has the resources -- financial, systems and organization -- to manage this major expansion. We look forward to bringing the Arbor format, including Arbortech Plus, Picture! Picture! and Arbor Home Delivery, to the well-respected M&R stores," Applebaum added.
 The closing will take place upon receiving all necessary approvals for the transfer of all requisite licenses and agreements from M&R to Arbor Drugs, which is expected to be completed in January 1994.
 The M&R drugstores, averaging 9,000 square feet, are as follows: Richmond, 66901 Gratiot Ave.; New Baltimore, 33165 23 Mile Road; New Baltimore, 35252 23 Mile Road; Algonac, 1027 St. Clair River Drive; Marine City, 6762 South River Road; Clarkston, 5541 Sashabaw Road; Clarkston, 6545 Sashabaw Road; Mount Clemens, 18501 Hall Road; Mount Clemens, 386 North Gratiot Ave.; and Utica, 52801 Shelby Road.
 Between now and Thanksgiving, Arbor will open three new stores in southeastern Michigan, the nation's fifth-largest drugstore trading area in terms of sales:
 -- Wednesday, Oct. 20 -- Its first store in Utica, at
 45676 Van Dyke and Messmore.
 -- Monday, Nov. 1 -- Arbor's 42nd Oakland County site, located in
 Southfield at 26026 W. 12 Mile Road and Northwestern Highway.
 -- Monday, Nov. 15 -- Its sixth Detroit location and 49th in Wayne
 County, at 6835 Michigan Ave. and Martin.
 Arbor Drugs, founded in 1963 by Applebaum in Dearborn, Mich., is the nation's 20th-largest drugstore chain. Presently, Arbor operates 140 full-service drugstores and has more than 4,600 employees.
 -0- 10/13/93
 /CONTACT: Frederick Marx of Marx Layne Public Relations, 313-855-6777, for Arbor Drugs/
 (ARBR)


CO: Arbor Drugs, Inc.; M&R Drug Stores ST: Michigan IN: REA SU: TNM

JG-SM -- DE008 -- 1499 10/13/93 08:49 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 13, 1993
Words:385
Previous Article:DETROIT EDISON SALES UP 1.7 PERCENT
Next Article:ALAMO WINS REX AWARD AGAIN; ASTA TRAVEL AGENTS AGAIN CHOOSE ALAMO AS RENTAL CAR COMPANY PROVIDING BEST SERVICE TO AGENTS AND THEIR CLIENTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters