Almarc Drugs, a fixture in downtown New Rochelle, NY since 1979 is closing its doors for good on April 19th after 33 years. The company's flagship location is at 507 Main Street in New Rochelle. Almarc has a second location at 2127 Palmer Avenue in Larchmont, NY.
Employees speaking on condition of anonymity told Talk of the Sound they were informed yesterday that the company had been acquired by CVS and will be closed in two weeks. The price tag for the sale of the two stores including the buildings is said to be around $24 million. A manager at the Almarc Drugs store in New Rochelle declined to comment.
EDITOR'S NOTE: A story on April 17 -- CVS/pharmacy Announces Acquisition of Almarc Drugs in Larchmont and New Rochelle -- notes that the sale to CVS did not include the building and the dollar value of the transaction was significantly lower than initially provided to Talk of the Sound. An exact figure was not provided by CVS or Almarc Drugs.
CVS operates out of multiple locations in New Rochelle. Store # 530 is located at 309 Main Street, Store #522 is located at 625 North Avenue, Store #2578 is located at 16 Weyman Avenue and Store #5454 is located at 1296 North Avenue. The newest location, CVS Store # 8447 is located at 222 North Avenue, just around the corner of the New Rochelle Almarc Drugs location.
The move is seen as an effort to limit competition in the downtown area.
There were no allegations of antitrust law violations or anti-competitive behavior related to CVS Caremark's business practices or its products or service offerings. In addition, the Company has received a formal letter from the FTC closing all other aspects of the investigation.
The investigation came about after complaints to the FTC's consumer protection bureau and its competition bureau. The investigation concerned monopolistic practices alleged to have been practiced by CVS Caremark. There are a number of state investigations going on as well.
According to their web site, CVS Caremark is the largest pharmacy health care provider in the United States with integrated offerings across the entire spectrum of pharmacy care. There are more than 7,300 CVS/pharmacy® stores. The company employees 200,000 people in 44 states, the District of Columbia, and Puerto Rico. The company headquarters is located in Woonsocket, R.I. The company takes in more than $107 billion in annual revenue and is ranked 21st on Fortune 500 for 2011. 75 percent of the U.S. population lives within three miles of a CVS/pharmacy.
PHOTO CREDIT: EyeonNewRoc
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