pharmacy and drug: March 2009 Archives

The economic downturn is hitting local stores especially hard. Saddest among those affected are the decades-old establishments suddenly facing bankruptcy or liquidation. Recent news affects stores with long histories in jewelry, drugs and menswear:

• In Indiana, Chronister Pharmacy is losing its last outlet. This location has been active for 58 years, and has gone from being a family-run business to a division of Kroger. Customers are being directed to Walgreen's.
• Bromberg & Co., a 110-year-old jeweler in Birmingham, Alabama, has closed its 46-year-old retail store in reaction to the economy.
• Midwestern men's retailer Al Baskin has filed for bankruptcy and closed its Mark Shale store. It is keeping three Chicago stores open and closing all of its out-of-state locations in April.
  

In New Jersey, pharmacy chain Drug Fair has closed six of 40 locations and reports suggest it is considering a bankruptcy filing. The chain is also selling numerous stores to Walgreen. The store closings began unexpectedly last weekend and continued with in-store announcements today.

Drug Fair, which has a private-equity owner, also operates a dozen Cost Cutter discount stores across the state. Drug Fairs have been open since the 1950s.

Update, March 18: Walgreen is now buying all of Drug Fair and closing 11 locations in total. The rest of the stores will be converted to the Walgreen's name.