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 best history is but like the art of Rembrandt; it casts a vivid light on certain selected causes, on those which were best and greatest; it leaves all the rest in shadow and unseen.”
—Walter Bagehot (1826–1877)
“I cannot be much pleased without an appearance of truth; at least of possibility—I wish the history to be natural though the sentiments are refined; and the characters to be probable, though their behaviour is excelling.”
—Frances Burney (1752–1840)
“We know only a single science, the science of history. One can look at history from two sides and divide it into the history of nature and the history of men. However, the two sides are not to be divided off; as long as men exist the history of nature and the history of men are mutually conditioned.”
—Karl Marx (1818–1883)