Retail News Breaks Archives
Kinney Drugs acquires four pharmacies
August 14th, 2012
GOUVERNEUR, N.Y. – Kinney Drugs Inc. has wrapped up an acquisition of four independent pharmacies in central New York and Vermont.
The regional drug chain said Tuesday that with the addition of the new locations, it now operates a total of 94 drug stores in upstate New York and Vermont.
Two of the acquired pharmacies have been converted and remerchandised and will operate under the Kinney Drugs name, according to Kinney. The other two pharmacies were closed, and their prescription files and inventory have been transferred to neighboring Kinney locations.
"These acquisitions are a very good fit for Kinney Drugs and are consistent with our stated growth objectives in retail pharmacy," Jim Spencer, chief operating officer of Kinney Drugs, said in a statement. "They will allow us to grow our prescription base and market share within existing markets, and at the same time expand into two new areas in central New York and Vermont."
Kinney added that all of its stores offer a wide range of retail and pharmacy conveniences, including free prescription delivery to local residents, automatic prescription refills via the ReadyScripts program, the KinneyCare discount prescription plan, and immunizations for seasonal flu and pneumonia. The chain operates its own distribution warehouse to serve its retail locations, many of which are freestanding units with drive-through pharmacy services.