retail founded 1960 1960 founders abraham cohen eli cohen jack cohen headquarters 40 wall street new york city new york united states number of locations 250 stores area served new york metropolitan area key people gregory wasson former president & ceo services pharmacy revenue us 1.58 billion 2006 parent walgreens boots alliance website duanereade.com duane reade inc. pronounced due n ri d a subsidiary of walgreens boots alliance is a chain of pharmacy and convenience stores primarily located in new york city known for its high volume small store layouts in densely populated manhattan locations especially downtown . the headquarters is located at 40 wall street in lower manhattan . 1 contents 1 history 2 litigation and disputes 3 references 4 external links history edit founded in 1960 the chain was started with three stores by abraham eli and jack cohen with a warehouse located between duane and reade streets on broadway in lower manhattan . 2 duane reade takes its name from the company s first successful full service drugstore which opened in 1960 on broadway between duane and reade streets in manhattan . the streets themselves were named after early american politicians james duane 1733 1797 and joseph reade 1694 1771 . 3 the cohen family sold duane reade to bain capital in 1992 4 for a reported 239 million . 5 bain capital in 1997 then sold majority ownership of the chain to donaldson lufkin & jenrette . 6 duane reade completed its initial public offering ipo on february 10 1998 trading on the new york stock exchange under the ticker symbol drd . 7 on august 2 2004 the company announced it was acquired by oak hill capital partners and was again a private company . 8 gary charboneau the company s senior vice president of sales and marketing since 1993 explained his store layout strategy in new york magazine in 2005 . he designed each store using four sections one for beauty and cosmetic products another that serves as a pharmacy a third section for seasonal products such as cards and candy and a fourth for household and grocery items . cosmetic items were placed near store entrances pharmacy sections were moved to the rear of stores since according to charboneau people don t browse for prescriptions and the other two sections occupied remaining space . as ian mount wrote in the magazine article half of duane reade s sales come from food cosmetics and the like . 2 under ceo anthony cuti who was previously president of pathmark the store expanded from 59 stores in 1996 to 249 stores in may 2005 with more stores in new york city than any other drugstore chain . 2 in 1998 duane reade acquired rock bottom stores inc another drug retail chain for 61 million and an additional 30 million for the 38 stores which were converted . 9 while sales for duane reade rose from 1.17 billion in the 2001 fiscal year to 1.47 billion in 2003 the combined impact of union disputes a local recession and the destruction of their best performing store in the september 11 attacks forced the company to slow its expansion from 30 new stores a year in 2001 and 2002 to no more than 17 a year in 2003 and 2004 . 2 despite its expansion the company had long term debts of 405 million by october 2008 losing 33.1 million in the first half of that year . 10 almost all of its stores are located in new york city or the immediate suburbs . in november 2008 duane reade began rolling out a new logo . 11 in april 2009 duane reade hired devito verdi as its lead advertising agency . 12 on april 9 2010 duane reade was acquired by the walgreen company for 1.08 bn consisting of 618 million in cash and 427 million of assumed debt . 13 a shopper in an aisle at a duane reade store in manhattan s penn station . litigation and disputes edit duane reade and its executives have been involved in various disputes with federal and local governments and labor unions over its business practices . two unions and duane reade inc. struck a deal on april 11 2006 to close a five year contract dispute . the three year deal covers all of duane reade s clerks cashiers pharmacy clerks pharmacy technicians and photo technicians and it closes a dispute dating from september 2001 when their previous contract expired . as part of the deal duane reade and the unions settled all outstanding union and company claims before the national labor relations board . 14 in november 1997 the company settled charges that it sold drugs and other products in its new jersey stores that were expired or overpriced . it agreed to pay a total of 200 000 in civil penalties investigative costs and fees and to comply with the state s laws and regulations but did not admit wrongdoing . 15 its embattled ceo anthony cuti along with former cfo william tennant were indicted on october 9 2008 in manhattan federal court for falsely reporting company income and conspiring to commit securities fraud from december 2000 to june 2005 . 16 cuti had already been replaced in november 2005 by industry veteran richard dreiling coo of san francisco area based longs drugs stores . 17 in june 2010 cuti and tennant were convicted of securities fraud occurring between november 2000 and june 2005 . they faced up to 20 years in prison . cuti was sentenced on november 15 2010 to three years in prison ; tennant was sentenced in september 2011 to time served supervised release for three years and a 10 000 fine . 18 19 references edit address.gif . duane reade . retrieved on december 22 2010 . duane reade inc. 440 ninth ave new york ny 10001 . a b c d mount ian 2005 05 29 the mystery of duane reade . nymag.com . retrieved july 3 2007 . founded in 1960 by the brothers abraham eli and jack cohen duane reade started as a three store health and beauty chain that took the name of the two streets that bounded its lower broadway warehouse . pickman sarah 2006 09 28 1 . archaeology . retrieved june 17 2013 . duane reade sold to investment group . chain drug review . new york racher press inc. july 13 1992 . retrieved october 10 2008 . july family owned duane reade is sold ; f & m files with sec for public offering . chain drug review . new york racher press inc. april 26 1993 . retrieved october 10 2008 . parks liz april 26 1993 . cuti leads duane reade in strong comeback . drug store news . new york . retrieved october 10 2008 . wirth gregg february 10 1998 . dow s rising tide lifts ipo s boats . thestreet.com inc. retrieved october 10 2008 . duane reade inc. to go private merger consummated . . august 2 2004 . retrieved october 10 2008 . company news ; duane reade agrees to acquire rock bottom stores . the new york times . august 6 1998 . retrieved october 11 2008 . cordova elisabeth butler october 9 2008 . two former duane reade executives indicted . new york crain communications inc. retrieved october 11 2008 . chan sewell ; jennifer lee 2009 01 02 . jury is out on duane reade s new look . the new york times . the new york times company . retrieved 2013 07 17 . ad week devito verdi takes duane reade april 7 2000 retrieved june 17 2009 walgreen to buy duane reade for 1.1 billion . the new york times . retrieved 11 december 2014 . labor dispute at duane reade finally comes to an end . chain drug review . new york racher press inc. may 1 2006 . retrieved october 10 2008 . duane reade pays to settle consumer case . hackensack new jersey the record . november 20 2007 . retrieved october 10 2008 . dienst jonathan october 9 2008 . former duane reade executives accused of securities fraud . wnbc.com . retrieved october 10 2008 . richard dreiling appointed president and ceo of duane reade inc. . new york pr newswire association llc . november 21 2005 . retrieved october 10 2008 . william tennant avoids prison in duane reade fraud case by reuters september 7 2011 new york times kindle edition duane reade ceo cfo guilty anthony cuti william tennant convicted of fraud . huffington post . june 9 2010 . external links edit new york city portal companies portal medicine portal duane reade official site v t e walgreens boots alliance subsidiaries alliance healthcare boots uk boots contract manufacturing boots opticians drugstore.com duane reade farmacias benavides guangzhou pharmaceuticals 50 % walgreens walgreens health services predecessors alliance boots cunningham drug dollond & aitchison drug fair farmacias el amal happy harry s kerr drug usa drug brands no. 7 17 cosmetics luminese people stefano pessina elizabeth fagan simon roberts charles rudolph walgreen charles rudolph walgreen jr. gregory wasson jim skinner jesse boot 1st baron trent john boot 2nd baron trent john boot ornella barra yves romestan stewart adams sir gordon hobday related grupo sanborns ibuprofen intercom plus schoep s ice cream strepsils walgreen drug store historic site retrieved from https en.wikipedia.org w index.php title duane reade & oldid 744371491 categories companies based in manhattancompanies established in 1960pharmacies o byf the united statescompanies formerly listed on the new york stock exchangeprivately held companies based in new york city1960 establishments in new yorkhidden categories pages using infobox company with unsupported parametersofficial website different in wikidata and wikipedia navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages edit links this page was last modified on 14 october 2016 at 19 45 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and 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