Walgreens to Buy Duane Reade for $1.1 Billion

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Remember this? Photo: Jenny Miller

National pharmacy chain Walgreens will buy New York–based chain Duane Reade for about $1.1 billion in cash, relieving its private-equity owner from a giant debt load. For now, the 257 Duane Reades will retain their name, which comes from two streets in Lower Manhattan where the first store was built. [DealBook/NYT]