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NEW YORK - Another piece of chain drugstore history will soon be gone.
Walgreen Co. announced on Monday it will purchase the 76 stores operated by Newark, Del.-based Happy Harry's for undisclosed terms. Happy Harry's, founded in 1962 by its namesake, Harry Levin, was one of the last regional drugstore strongholds left in an industry that has been consolidating since the early Eighties.
"Happy Harry's is one of the strongest regional chains in the drugstore industry with a great following in a market where we have little presence," said Walgreens chairman and chief executive officer Dave Bernauer. Walgreens, however, had already announced plans to enter Delaware and the buy puts that growth into full speed.
Happy Harry's is the nation's 20th largest drug chain by dollar volume, with sales of $480 million. Happy Harry's joins other regionals such as May's, Harco and Revco as chains that have been gobbled up over the past 10 years....