Longs Drugs

Longs Drugs
Fate Acquired by CVS Health in 2008; name retained on stores operating in Hawaii
Founded 1938
Headquarters Woonsocket, Rhode Island (home of parent company CVS Health)
Products Pharmacy, Cosmetics, Health and Beauty Aids, General Merchandise, Snacks, 1 Hour Photo

Longs Drugs is an American chain with approximately 40 drug stores throughout the state of Hawaii.

Before being acquired by CVS Health in 2008, it was a chain of over 500 stores, located primarily on the West Coast of the United States. Besides Hawaii, it had stores located in California, Nevada, Arizona, Alaska, Colorado, Oregon, and Washington, and was headquartered in Walnut Creek, California.

History

The first store owned by the Long family was in Covelo, California.

Acquisition

Longs Drugs.
Storefront of Longs Drugs in South San Francisco, California, USA. Note sign announcing CVS/pharmacy coming soon.

On August 12, 2008, Longs Drugs announced that they were being acquired by CVS Health, the operator of the national CVS/pharmacy chain of drugstores. CVS bought the 521 Longs locations to expand its presence on the West Coast, primarily in California. The acquisition also included access to the Hawaii market. CVS made its first major entry into California with its 2006 acquisition of Southern California based Sav-On Drugs. CVS Health paid a total of US$2.54 billion to acquire all outstanding shares of Longs Drugs, and hopes to save upwards of $100 million in 2009 and $140–$150 million in 2010 in expenses from synergies attained from the business combination.[2] On September 12, 2008 the Walgreen Co. stepped in with an offer representing a $3.50 per share premium over the cash purchase price offered by CVS.[3] However, Walgreens dropped their offer on October 8, allowing CVS' deal to progress. On October 29, CVS had secured 78.07% of Longs shares, and Longs was merged into CVS the next day on October 30.[4]

Longs in popular culture

Although a California-based company, Longs had maintained stores in Hawaii long enough to become a local establishment. Its first Hawaii store, in downtown Honolulu, opened March 29, 1954.[5] In 2005, Honolulu Advertiser columnist Lee Cataluna published a short-story collection, Folks You Meet in Longs, and Other Stories.[6] It is based on Cataluna's eponymous play which premiered August 2003 at Kumu Kahua Theater.[7]

According to the San Francisco Chronicle, CVS will retain the Longs Drugs name in the Hawaii stores "because of its high name recognition and the geographical separation."[8] Before the merger, CVS had no full-service stores in Northern California or Hawaii.

Hawaii expansion

In an effort to combat Walgreens expansion in Hawaii, CVS began a statewide expansion, with many new locations within a mile of an existing Longs Drugs.[9] The following stores have recently, or will open within the next year.

Ewa Beach II
Pearl City II (Manana)
Moiliili (relocation of current store)
Mililani III (Mililani Mauka)
Pahoa
Upcountry Maui(Pukalani) Haleiwa
Waimea (Big Island)
Waianae II(Nanakuli)
Wailuku II
Makiki
Hauula

References

  1. "Former Super Longs to close amidst extensive redevelopment plans". The San Francisco Chronicle. March 8, 2011.
  2. "News - BigCharts.com". Bigcharts.marketwatch.com. Retrieved 8 January 2015.
  3. Merrick, Amy; Armstrong, David (September 15, 2008). "Walgreen Jumps In With Rival Bid for Longs Drug". The Wall Street Journal.
  4. "CVS Caremark Successfully Completes Tender Offer for Longs Shares". MarketWatch. October 30, 2008. Retrieved November 4, 2008.
  5. Archived January 6, 2007, at the Wayback Machine.
  6. Archived November 14, 2006, at the Wayback Machine.
  7. Archived February 5, 2005, at the Wayback Machine.
  8. "800 Longs employees to be let go in East Bay". SFGate. Retrieved 8 January 2015.
  9. Honolulu Star-Advertiser. "Honolulu Star-Advertiser, Hawaii's business leader. - Isles will see 4 more Longs - Hawaii Business - Honolulu Star-Advertiser". Honolulu Star-Advertiser - Hawaii Newspaper. Retrieved 8 January 2015.

External links

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