DEERFIELD, Ill., and ALBUQUERQUE, NM, March 9, 2015 – Walgreen Co. and Albuquerque-based Lovelace Retail Pharmacy, today announced that they have entered into a definitive agreement under which Walgreens will acquire Lovelace’s retail pharmacy business. Walgreens is acquiring Lovelace Retail Pharmacy’s eleven locations in New Mexico.
Five of the Lovelace Pharmacy locations including the Journal Center Blvd., Rio Rancho Blvd., Towers/Walter St., Juan Tabo Blvd. and Santa Fe will be converted to Walgreens pharmacies upon close of the transaction. Current plans call for closure of the six remaining locations, including the Lovelace Pharmacies on Montgomery Blvd., Carlisle Blvd., Tramway/Encantado, Gibson Blvd., Rio Bravo Blvd. and Coors Blvd. in Albuquerque.
Current plans call for the closures to take place April 8. The rebranded Walgreens are planned to temporarily close on May 15 and reopen as Walgreens on May 18. Prescription files from the locations that are planned to close will be transferred to the nearest Walgreens store, and patients can use any Walgreens location for their prescription drug needs.
The acquisition does not include Lovelace’s hospitals, inpatient pharmacies, providers or clinics.
This transition will allow Lovelace to continue to focus and build its primary, specialty and acute care services through its five hospitals, six clinics and more than 80 providers.
“We look forward to expanding our presence in the Albuquerque and Santa Fe markets, and to working closely with Lovelace’s providers to serve their patients,” said Matt Sesto, Walgreens regional vice president. “Our pharmacists are playing a critical role as part of patients’ care teams at hundreds of health system pharmacy locations across the U.S., helping to ensure continuity of care and improve patient outcomes.”
“We believe the opportunity to affiliate closely with Walgreens, with its strong history and respected national position, is a positive for our community,” Lovelace Retail Pharmacies CEO Brad Trom said. “Their strong reputation was a key consideration for us in agreeing to sell our pharmacies to Walgreens.”
Walgreens (www.walgreens.com), the nation’s largest drugstore chain, constitutes the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), the first global pharmacy-led, health and wellbeing enterprise. More than 8 million customers interact with Walgreens each day in communities across America, using the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice. Walgreens operates 8,229 drugstores with a presence in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Walgreens digital business includes Walgreens.com, drugstore.com, Beauty.com, SkinStore.com and VisionDirect.com. Walgreens also manages more than 400 Healthcare Clinic and provider practice locations around the country.