Walgreens to Buy Duane Reade

Drugstore giant Walgreens will buy Duane Reade for $1.1 billion in cash. Duane Reade, the New York drugstore chain, is currently held by Oak Hill Capital Partners.

Duane Reade got its name from its first location: the corner of Duane and Reade Streets in downtown Manhattan.

Duane Reade will keep its name for the time being, but will eventually be folded into the Walgreens brand.

Duane Reade recently overhauled their logo, from the old-school red-white-and-blue puffy-looking letters to a more simplified black-and-white, and apparently started switching on the lights in their stores.