Walgreens Completes Acquisition of 31 Drug Fair Locations

Walgreen Co. (NYSE: WAG) (NASDAQ: WAG), today announced it has completed the acquisition of 31 Drug Fair stores in central and western New Jersey. The announcement follows an agreement reached in March associated with Drug Fair’s Chapter 11 process. Terms of the transaction were not disclosed.

In addition, Walgreens has purchased the prescription files for the following Drug Fair locations:

• 449 Lakeview Ave., Clifton, NJ
• 2960 Route 10 West, Morris Plains, NJ

Patients previously served by these pharmacies have immediate access to their prescription histories at any nearby Walgreens.

Walgreens also expects to complete transactions for two additional Drug Fair locations in the upcoming weeks.

“We are pleased to continue offering convenient access to quality pharmacy services and basic needs in these communities,” said Walgreens market vice president Tim Anhorn. “These stores will carry on the tradition of service that Drug Fair has built over more than 50 years in this region. We also look forward to introducing our new customers to the unique products and services that have made Walgreens one of the country’s most trusted retailers.”

Over the next few weeks, the stores will be re-merchandised and refreshed incorporating new signage and displays as well as exclusive products including the high quality, value priced Walgreens brand. The hours of operation will remain unchanged throughout the renovations.

The new Walgreens will be equipped with the chain’s advanced pharmacy system that links all its locations, making it possible for customers to refill prescriptions at any of the thousands of Walgreens across the country. Customers can also take advantage of auto refills, a service that marks monthly medications to be refilled automatically, then calls or sends an e-mail reminder that the prescription is ready for pickup. The stores will also now offer pharmacist counseling and prescription labels in 14 languages, as well as large-type drug information sheets for the visually impaired. Walgreens accepts every major insurance plan.

“This will be a seamless transition for our new customers,” said Anhorn. “In fact, many of the familiar faces they know and trust will continue to work at these locations. It feels great to be able to maintain jobs and welcome former Drug Fair employees to the Walgreens family especially during these tough economic times.”

New Walgreens patients are able to join the 1.6 million members of Walgreens Prescription Savings Club program, which offers more than 400 generics for $12 for a 90-day supply. The program, which also offers discounts on more than 5,000 brand name and generic medications, is a good option for the uninsured or those who take medications not covered under their plan.

For more information on products and services offered at Walgreens or to find a store location and hours visit Walgreens.com.

Walgreens (www.walgreens.com) is the nation's largest drugstore chain with fiscal 2008 sales of $59 billion. The company operates 6,783 drugstores in 49 states, the District of Columbia and Puerto Rico. Walgreens provides the most convenient access to consumer goods and services and cost-effective pharmacy, health and wellness services in America through its retail drugstores, Walgreens Health Services division and Walgreens Health and Wellness division. Walgreens Health Services assists pharmacy patients and prescription drug and medical plans through Walgreens Health Initiatives Inc. (a pharmacy benefit manager), Walgreens Mail Service Inc., Walgreens Home Care Inc., Walgreens Specialty Pharmacy LLC and SeniorMed LLC (a pharmacy provider to long-term care facilities). Walgreens Health and Wellness division includes Take Care Health Systems, the largest and most comprehensive manager of worksite health and wellness centers and in-store convenient care clinics, with more than 700 locations throughout the country.