Walgreen to acquire 4 Maui pharmacies
POSTED: Saturday, October 18, 2008
With the courtship for Longs Drug Stores now history, Walgreen Co. is acquiring four independently owned pharmacies on Maui.
* Deal expected to close late January.
Deerfield, Ill.-based Walgreen is acquiring three Valley Isle Pharmacy locations—two in Wailuku and one in Lahaina. That deal is expected to close in late January. In a separate transaction, Walgreen also is acquiring Lahaina Pharmacy, which is expected to close in early December.
The Maui acquisitions are Walgreen's first pharmacies on a neighbor island.
The owners of all four pharmacies were interested in retirement, and have agreed to work with Walgreen during the transition.
Walgreen, whose stores are called Walgreens, says it will hire all 22 current employees at Valley Isle Pharmacy, as well as the six employees at Lahaina Pharmacy.
Marada Decker and William Masotti, owners of Valley Isle Pharmacy, will continue working at the pharmacies during the transition.
"We wanted to ensure both our patients and our employees were taken care of as we stepped back from the business," said Decker.
Lahaina Pharmacy owner Sheldon Zimmerman, who is also planning on retiring, also will work part time during the transition.
"I'm thankful to all of my patients for their loyalty over the years," said Zimmerman. "They'll be in good hands with Walgreens in the future."
Walgreen will operate a full-service pharmacy at the Lahaina location, along with an assortment of over-the-counter health items.
To date, Walgreen only has one store which opened last year at the former Tower Records at 1488 Kapiolani Blvd. on Oahu, but has seven more sites secured for additional stores.
A new store in Kaneohe is slated to open in mid-November, with additional stores expected to open in Kalihi and Kailua in early 2009.