History
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.
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 DLJ.
Duane Reade completed its initial public offering (IPO) on February 10, 1998, trading on the New York Stock Exchange 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.
In November 2008, Duane Reade began rolling out a new logo. In April 2009, Duane Reade hired DeVito/Verdi as its lead advertising agency.
On April 9, 2010, Duane Reade was acquired by the Walgreen Company for $623 million.
Read more about this topic: Duane Reade
Famous quotes containing the word history:
“The thing that struck me forcefully was the feeling of great age about the place. Standing on that old parade ground, which is now a cricket field, I could feel the dead generations crowding me. Here was the oldest settlement of freedmen in the Western world, no doubt. Men who had thrown off the bands of slavery by their own courage and ingenuity. The courage and daring of the Maroons strike like a purple beam across the history of Jamaica.”
—Zora Neale Hurston (1891–1960)
“They are a sort of post-house,where the Fates
Change horses, making history change its tune,
Then spur away o’er empires and o’er states,
Leaving at last not much besides chronology,
Excepting the post-obits of theology.”
—George Gordon Noel Byron (1788–1824)
“To care for the quarrels of the past, to identify oneself passionately with a cause that became, politically speaking, a losing cause with the birth of the modern world, is to experience a kind of straining against reality, a rebellious nonconformity that, again, is rare in America, where children are instructed in the virtues of the system they live under, as though history had achieved a happy ending in American civics.”
—Mary McCarthy (1912–1989)