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Fagen sells its stores to CVS Health.

DEMOTTE, Ind. -- CVS Health has purchased Fagen Pharmacy's 20 drug stores in northwest Indiana and northeast Illinois. Terms were not disclosed.

Plans call for eight of the stores to be rebannered as CVS Pharmacy by late September. The other 12 are slated to be closed, with their prescription files transferring to nearby CVS pharmacies.

The outlets to be converted are in Crown Point, Valparaiso, Gary (two), East Chicago, Whiting, Michigan City and Griffith, Ind. The locations to be shuttered are in Beecher, 111., and in DeMotte, Wheatfield, Roselawn, Francesville, Westville, South Haven, Hobart, Hammond, Gary, Munster and Valparaiso, Ind.

CVS "looks forward to bringing its innovative pharmacy care programs and services to Fagen Pharmacy patients in Indiana and Illinois," commented Everett Moore, area vice president for the Rhode Island-based chain. "We will continue to provide excellent care to patients and look forward to introducing our industry-leading offerings at these new locations."

Fagen owner Gerald Fagen founded the company in 1972 after working briefly at a chain pharmacy following graduation from the Purdue University School of Pharmacy in 1968. A native of Gary, he was inspired to enter the field after working at a local pharmacy as a boy.

"I'm grateful to have been able to serve the pharmacy needs of our community, and I am confident that CVS Pharmacy will provide the same top-notch customer service and pharmacy expertise we have provided at Fagen Pharmacy," Fagen said.

Fagen is the second regional chain CVS has acquired in recent months. In June, it purchased Doc's Drugs, a chain of 14 stores in Illinois. And in May, it acquired the prescription files of Marsh Supermarkets' 37 pharmacies in Indiana.

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Geographic Code:1U3IN
Date:Sep 11, 2017
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