Holliston Pharmacy Firm Sells Unit To Walgreen
Holliston-based Nyer Medical Group Inc. has sold 12 Eaton Apothecary pharmacies to Walgreen Co. for $12 million.
The Eaton Apothecary pharmacies were owned by D.A.W. Inc., a subsidiary of Nyer Medical. Walgreen may also purchase $5.75 million in Eaton inventory and $1.1 million in operating equipment, Nyer said.
Eight of the Eaton locations are under lease agreements that will be assumed by Walgreen, the Illinois-based operator of Walgreens retail pharmacies.
Walgreen said it intends to keep "most of the pharmacies" open and that employees at all 12 Eaton locations will be offered jobs at Walgreens.
The transaction is expected to close in the next 90 days.
Nyer operates pharmacies and provides pharmacy management services to nonprofit organizations in the Greater Boston area. For the fourth quarter of its fiscal year ended June 30, Nyer reported a $33,338 net loss compared to a profit of $345,184 in the same period the prior year.
Walgreen operates 7,045 retail drug stores across the country and reported sales of $63 billion in its 2009 fiscal year.
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