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{{Short description|Pharmacy company in Hawaii}}
{{Redirect|Longs|3=Henry Longs}}

{{Infobox company
{{Infobox company
| name = Longs Drugs
| name = Longs Drugs
| logo = Longs Drugs logo.svg
| logo = Longs Drugs logo.svg
| image = Longs Drugs continues to operate in Hawaii (31688019600).jpg
| logo_size = 200px
| image_caption = Exterior of a Longs Drugs store in [[Downtown Honolulu]] (2016)
| foundation = 1938
| type = [[Subsidiary]]
| fate = [[Mergers and acquisitions|Acquired]] by [[CVS Health]] in 2008; name retained on stores operating in Hawaii
| industry = [[Retail]]
| location = [[Woonsocket, Rhode Island]] (home of parent company CVS Health)
| founded = {{Start date and age|1938}} in [[Oakland, California]]
| products = Pharmacy, Cosmetics, Health and Beauty Aids, General Merchandise, Snacks, 1 Hour Photo
| founders = {{ubl|[[Thomas J. Long]]|Joseph Long}}
| hq_location_city = [[Walnut Creek, California|Walnut Creek]]
| hq_location_country = [[California]], [[United States]] (before acquisition)
| area_served = [[Hawaii]] (formerly [[Alaska]], [[Arizona]], California, [[Colorado]], [[Nevada]], [[Oregon]], [[Utah]], and [[Washington (state)|Washington]])
| products = {{hlist|Pharmacy|cosmetics|health and beauty aids|general merchandise|snacks|1 hour photo}}
| parent = [[CVS Health]] (2008–present)
}}
}}


'''Longs Drugs''' is an [[United States|American]] chain with approximately 70 [[drugstore]]s throughout the [[Hawaii|state of Hawaii]].
'''Longs Drugs''' is an American chain owned by parent company [[CVS Health]] with approximately 70 [[drugstore]]s throughout the [[Hawaii|state of Hawaii]] and formerly in the Continental US.


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 (state)|Washington]], and was headquartered in [[Walnut Creek, California]].
Before being acquired by parent company 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]], [[Utah]] and [[Washington (state)|Washington]], and was headquartered in [[Walnut Creek, California]].


==History==
==History==
The first store was founded in 1938 as Longs Self-Service Drugs, by brothers Thomas and Joseph Long (son-in-law of [[Marion Barton Skaggs]], co-founder of [[Safeway Inc.]]), when they opened their first store on [[Piedmont Avenue, Oakland, California|Piedmont Avenue]] in [[Oakland, California]]. The first Longs in Hawaii opened on March 29, 1954, in Honolulu. By 1971 Longs reported sales of $169 million from its 54 stores. They were incorporated during the same year.<ref>{{Cite news|url=|title=70 years of Longs|last=|first=|date=August 14, 2008|work=San Francisco Chronicle|access-date=|archive-url=|archive-date=}}</ref>
The first store was founded in 1938 as Longs Self-Service Drugs, by brothers [[Thomas J. Long|Thomas]] and Joseph Long (son-in-law of [[Marion Barton Skaggs]], co-founder of [[Safeway Inc.]]), when they opened their first store on [[Piedmont Avenue, Oakland, California|Piedmont Avenue]] in [[Oakland, California]]. The first Longs in Hawaii opened on March 29, 1954, in Honolulu. By 1971, Longs reported sales of $169 million (~${{Format price|{{Inflation|index=US-GDP|value=169000000|start_year=1971}}}} in {{Inflation/year|US-GDP}}) from its 54 stores. They were incorporated during the same year.<ref>{{Cite news|title=70 years of Longs|date=August 14, 2008|work=San Francisco Chronicle}}</ref>


They expanded to Alaska in 1977, Arizona and Oregon in 1978, and Nevada in 1979. By 1982 Longs had 162 stores and exceeded $1 billion in sales.<ref>{{Cite news|url=https://www.sfgate.com/business/article/Longs-was-the-last-regional-chain-drugstore-3199720.php|title=Longs was the last regional chain drugstore|work=SFGate|access-date=2018-04-19}}</ref> In 1987 Longs acquired 11 [[Osco Drug|Osco]] drugstores in [[California]] and one in [[Colorado]]. They also sell 15 stores in [[Arizona]] to Osco. Theirs sales passed $2 billion for the first time in 1990. In 1993 Longs purchased Bill's Drugs, a 20-store chain located in Northern California, for $23.9 million.
The company expanded to Alaska in 1977, Arizona and Oregon in 1978, and Nevada in 1979. By 1982, Longs had 162 stores and exceeded $1 billion (~${{Format price|{{Inflation|index=US-GDP|value=1000000000|start_year=1982}}}} in {{Inflation/year|US-GDP}}) in sales.<ref>{{Cite news|url=https://www.sfgate.com/business/article/Longs-was-the-last-regional-chain-drugstore-3199720.php|title=Longs was the last regional chain drugstore|work=SFGate|access-date=2018-04-19}}</ref> In 1987, Longs acquired 11 [[Osco Drug|Osco]] drugstores in [[California]] and one in [[Colorado]]. They also sold 15 stores in [[Arizona]] to Osco. Their sales passed $2 billion (~${{Format price|{{Inflation|index=US-GDP|value=2000000000|start_year=1990}}}} in {{Inflation/year|US-GDP}}) for the first time in 1990. In 1993, Longs purchased Bill's Drugs, a 20-store chain located in Northern California, for $23.9 million (~${{Format price|{{Inflation|index=US-GDP|value=23900000|start_year=1993}}}} in {{Inflation/year|US-GDP}}).


In 1995 Longs formed Integrated Health Concepts, a [[Pharmacy Benefit Management]] company. They also closed 2 stores located in [[Alaska]]. In 1997 Longs and American Drug Stores Inc. (subsidiary of [[New Albertsons|Albertson's Inc.]] at the time) merged their pharmacy benefit management companies to create RxAmerica, with each company retaining 50% ownership.
In 1995, Longs formed Integrated Health Concepts, a [[Pharmacy Benefit Management]] company. They also closed 2 stores located in [[Alaska]]. In 1997, Longs and American Drug Stores Inc. (subsidiary of [[New Albertsons|Albertson's Inc.]] at the time) merged their pharmacy benefit management companies to create RxAmerica, with each company retaining 50% ownership.


In 1998 Longs acquired 20 [[Drug Emporium]] stores from Western Drug Distributors, Inc. 18 of the stores were located in western [[Washington (U.S. state)|Washington]] and two in the [[Portland, Oregon]]. [[Rite Aid]] sold Longs 32 stores located in California for $150 million in October 1999.
In 1998, Longs acquired 20 [[Drug Emporium]] stores from Western Drug Distributors, Inc. 18 of the stores were located in western [[Washington (state)|Washington]] and two in the [[Portland, Oregon]]. [[Rite Aid]] sold Longs 32 stores located in California for $150 million (~${{Format price|{{Inflation|index=US-GDP|value=150000000|start_year=1999}}}} in {{Inflation/year|US-GDP}}) in October 1999, which itself were former [[PayLess Drug]] locations since 1998.


On September 17, 2001, Longs exercised its option to acquire [[New Albertsons|Albertson's]] interest in RxAmerica and established full ownership of the PBM.
On September 17, 2001, Longs exercised its option to acquire [[New Albertsons|Albertson's]] interest in RxAmerica and established full ownership of the PBM.


In 2003 Bob Long stepped down as Chairman and CEO, marking the first time in the history of Longs Drugs that a member of the founding family was not involved in the company. In 2004 Longs acquired [[Sacramento, California]]-based American Diversified Pharmacies (ADP), a mail order pharmacy. On January 1, 2006, RxAmerica began offering [[Medicare Part D]] prescription drug plans in all 50 states and the District of Columbia.
In 2003, Bob Long stepped down as Chairman and CEO, marking the first time in the history of Longs Drugs that a member of the founding family was not involved in the company. In 2004 Longs acquired [[Sacramento, California]]-based American Diversified Pharmacies (ADP), a mail order pharmacy. On January 1, 2006, RxAmerica began offering [[Medicare Part D]] prescription drug plans in all 50 states and the District of Columbia.


In June 2006 Longs purchased 21 retail pharmacies, from Network Pharmaceuticals, Inc. The Network pharmacies are located close to the point of care (such as hospitals, clinics, and medical office buildings), and were much smaller than Long's traditional retail stores. Longs also purchased 4 stores from [[PharMerica]], Inc., a subsidiary of [[AmerisourceBergen Corporation]].
In June 2006, Longs purchased 21 retail pharmacies, from Network Pharmaceuticals, Inc. The Network pharmacies are located close to the point of care (such as hospitals, clinics, and medical office buildings), and were much smaller than Long's traditional retail stores. Longs also purchased 4 stores from [[PharMerica]], Inc., a subsidiary of [[AmerisourceBergen Corporation]].


By 2008, [[CVS/pharmacy]] acquired Longs Drugs. In 2011, CVS closed the {{convert|90,000|sqft|m2|abbr=on}} flagship superstore in Oakland, CA, due to property redevelopment plans.<ref>{{cite news| url=http://www.sfgate.com/cgi-bin/blogs/inoakland/detail?entry_id=84569 | work=The San Francisco Chronicle | title=Former Super Longs to close amidst extensive redevelopment plans | date=March 8, 2011}}</ref>
By 2008, [[CVS/pharmacy]] acquired Longs Drugs, and rebranded all pharmacies outside [[Hawaii]] by the summer of the following year. In 2011, CVS closed the {{convert|90,000|sqft|m2|abbr=on}} flagship superstore on 5100 Broadway in Oakland, CA, due to property redevelopment plans.<ref>{{cite news| url=http://www.sfgate.com/cgi-bin/blogs/inoakland/detail?entry_id=84569 | work=The San Francisco Chronicle | title=Former Super Longs to close amidst extensive redevelopment plans | date=March 8, 2011}}</ref>


==Acquisition==
==Acquisition==
[[Image:Longsdrugssouthsanfrancisco.JPG|thumb|alt=Longs Drugs.|Storefront of Longs Drugs in [[South San Francisco, California]], USA. Note sign announcing [[CVS/pharmacy]] coming soon.]]
[[Image:Longsdrugssouthsanfrancisco.JPG|thumb|alt=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 Health paid a total of $2.54 billion to acquire all outstanding shares of Longs Drugs, and hoped to save upwards of $100 million in 2009 and $140–$150 million in 2010 in expenses from synergies attained from the business combination.<ref>{{cite web|url=http://bigcharts.marketwatch.com/news/articles.asp?guid={8BF352F3-659E-4964-84DB-9B6650B6968A}&newsid=935607946&orig=&time=&symb=CVS&sid=3082&source=htx\http2_mw|title=News - BigCharts.com|publisher=Bigcharts.marketwatch.com|accessdate=8 January 2015}}</ref> On September 12, 2008, the [[Walgreens|Walgreen]] Co. stepped in with an offer representing a $3.50 per share premium over the cash purchase price offered by CVS.<ref>{{Cite news| url=https://www.wsj.com/articles/SB122126726883530769?mod=hpp_us_whats_news | work=The Wall Street Journal | title=Walgreen Jumps In With Rival Bid for Longs Drug | date=September 15, 2008 | first1=Amy | last1=Merrick | first2=David | last2=Armstrong}}</ref> 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.<ref>
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.<ref>{{Cite web|date=2008-08-12|title=CVS Caremark Corporation to Acquire Longs Drug Stores Corporation|url=https://www.businesswire.com/news/home/20080812006361/en/CVS-Caremark-Corporation-Acquire-Longs-Drug-Stores|access-date=2020-08-27|website=www.businesswire.com|language=en}}</ref> 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 Health paid a total of $2.54 billion to acquire all outstanding shares of Longs Drugs, and hoped to save upwards of $100 million in 2009 and $140–$150 million in 2010 in expenses from synergies attained from the business combination.<ref>{{cite web|url=http://bigcharts.marketwatch.com/news/articles.asp?guid={8BF352F3-659E-4964-84DB-9B6650B6968A}&newsid=935607946&orig=&time=&symb=CVS&sid=3082&source=htx\http2_mw|title=News - BigCharts.com|publisher=Bigcharts.marketwatch.com|accessdate=8 January 2015}}</ref> On September 12, 2008, the [[Walgreens|Walgreen]] Co. stepped in with an offer representing a $3.50 (~${{Format price|{{Inflation|index=US-GDP|value=3.5|start_year=2008}}}} in {{Inflation/year|US-GDP}}) per share premium over the cash purchase price offered by CVS.<ref>{{Cite news| url=https://www.wsj.com/articles/SB122126726883530769?mod=hpp_us_whats_news | work=The Wall Street Journal | title=Walgreen Jumps In With Rival Bid for Longs Drug | date=September 15, 2008 | first1=Amy | last1=Merrick | first2=David | last2=Armstrong}}</ref> 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.<ref>
{{Cite news|url=https://www.businesswire.com/news/home/20081029005646/en/CVS-Caremark-Successfully-Completes-Tender-Offer-Longs|title=CVS Caremark Successfully Completes Tender Offer for Longs Shares|last=|first=|date=October 30, 2008|work=|accessdate=October 22, 2019|publisher=Businesswire}}</ref> According to the [[San Francisco Chronicle]], CVS retained the Longs Drugs name in the Hawaii stores "because of its high name recognition and the geographical separation."<ref>{{cite web|url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/10/31/BU6813S02S.DTL|title=800 Longs employees to be let go in East Bay|work=SFGate|accessdate=8 January 2015}}</ref> Before the merger, CVS had no full-service stores in [[Northern California]] or Hawaii.
{{Cite news|url=https://www.businesswire.com/news/home/20081029005646/en/CVS-Caremark-Successfully-Completes-Tender-Offer-Longs|title=CVS Caremark Successfully Completes Tender Offer for Longs Shares|date=October 30, 2008|accessdate=October 22, 2019|publisher=Businesswire}}</ref> According to the ''[[San Francisco Chronicle]]'', CVS retained the Longs Drugs name in the Hawaii stores "because of its high name recognition and the geographical separation."<ref>{{cite web|url=http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/10/31/BU6813S02S.DTL|title=800 Longs employees to be let go in East Bay|work=SFGate|accessdate=8 January 2015}}</ref> Before the merger, CVS had no full-service stores in [[Northern California]] or Hawaii.


==Longs in popular culture==
==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.<ref>[http://investor.shareholder.com/longs/chronology.cfm?id=1] {{webarchive|url=https://web.archive.org/web/20070106134444/http://investor.shareholder.com/longs/chronology.cfm?id=1|date=January 6, 2007}}</ref> In 2005, [[Honolulu Advertiser]] columnist Lee Cataluna published a short-story collection, ''Folks You Meet in Longs, and Other Stories''.<ref>[http://www.booklineshawaii.com/book/bah/04371X.html] {{webarchive|url=https://web.archive.org/web/20061114034400/http://www.booklineshawaii.com/book/bah/04371X.html|date=November 14, 2006}}</ref> It is based on Cataluna's eponymous play which premiered August 2003 at [[Kumu Kahua Theater]].<ref>[http://www.kumukahua.org/plays33rd.html] {{webarchive|url=https://web.archive.org/web/20050205160913/http://www.kumukahua.org/plays33rd.html|date=February 5, 2005}}</ref>
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.<ref>[http://investor.shareholder.com/longs/chronology.cfm?id=1 History of Longs Drug Stores] {{webarchive|url=https://web.archive.org/web/20070106134444/http://investor.shareholder.com/longs/chronology.cfm?id=1|date=January 6, 2007}}</ref> In 2005, ''[[Honolulu Advertiser]]'' columnist Lee Cataluna published a short-story collection, ''Folks You Meet in Longs, and Other Stories''.<ref>[http://www.booklineshawaii.com/book/bah/04371X.html Folks You Meet in Longs and other stories by Lee Cataluna] {{webarchive|url=https://web.archive.org/web/20061114034400/http://www.booklineshawaii.com/book/bah/04371X.html|date=November 14, 2006}}</ref> It is based on Cataluna's eponymous play which premiered August 2003 at [[Kumu Kahua Theatre]].<ref>[http://www.kumukahua.org/plays33rd.html 33rd Season of Plays for and about Hawai`i] {{webarchive|url=https://web.archive.org/web/20050205160913/http://www.kumukahua.org/plays33rd.html|date=February 5, 2005}}</ref>


==Hawaii expansion==
==Hawaii expansion==
In an effort to combat Walgreens' expansion in Hawaii, CVS began a statewide expansion in 2010, with many new locations within a mile of an existing Longs Drugs.<ref>{{cite web|url=http://www.staradvertiser.com/business/20100709_Isles_will_see_4_more_Longs.html|title=Honolulu Star-Advertiser, Hawaii's business leader. - Isles will see 4 more Longs - Hawaii Business - Honolulu Star-Advertiser|author=Honolulu Star-Advertiser|work=Honolulu Star-Advertiser - Hawaii Newspaper|archive-url=http://web.archive.org/web/20100712053233/https://www.staradvertiser.com/business/20100709_Isles_will_see_4_more_Longs.html|archive-date=2010-07-12|url-status=dead|accessdate=2019-10-19}}</ref> However, CVS closed two 'underperforming' stores in Honolulu in 2019.<ref>{{cite web|url=https://www.hawaiinewsnow.com/2019/05/03/cvs-closing-dozens-stores-us-including-honolulu/|title=CVS closing dozens of stores in US, including 2 in Honolulu|author=HNN Staff|work=Hawaii News Now|accessdate=6 May 2019}}</ref>
In an effort to combat Walgreens' expansion in Hawaii, CVS began a statewide expansion in 2010, with many new locations within a mile of an existing Longs Drugs.<ref>{{cite web|url=http://www.staradvertiser.com/business/20100709_Isles_will_see_4_more_Longs.html|title=Honolulu Star-Advertiser, Hawaii's business leader. - Isles will see 4 more Longs - Hawaii Business - Honolulu Star-Advertiser|author=Honolulu Star-Advertiser|work=Honolulu Star-Advertiser - Hawaii Newspaper|archive-url=https://web.archive.org/web/20100712053233/https://www.staradvertiser.com/business/20100709_Isles_will_see_4_more_Longs.html|archive-date=2010-07-12|url-status=dead|accessdate=2019-10-19}}</ref> However, CVS closed two 'underperforming' stores in Honolulu in 2019.<ref>{{cite web|url=https://www.hawaiinewsnow.com/2019/05/03/cvs-closing-dozens-stores-us-including-honolulu/|title=CVS closing dozens of stores in US, including 2 in Honolulu|author=HNN Staff|work=Hawaii News Now|accessdate=6 May 2019}}</ref>


==References==
==References==
Line 46: Line 55:
==External links==
==External links==
*[http://www.longs.com/ Longs Drugs web site]
*[http://www.longs.com/ Longs Drugs web site]
*[http://www.longs.com Longs Drugs Weekly Ad Page]


{{CVS Health}}
{{CVS Health}}
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[[Category:Skaggs family]]
[[Category:Skaggs family]]
[[Category:Retail companies established in 1938]]
[[Category:Retail companies established in 1938]]
[[Category:Defunct companies based in California]]
[[Category:Defunct companies based in the San Francisco Bay Area]]
[[Category:Retail companies based in California]]
[[Category:Retail companies based in California]]
[[Category:1938 establishments in California]]
[[Category:1938 establishments in California]]

Latest revision as of 01:45, 13 November 2024

"Longs" redirects here. For other uses, see Henry Longs.
Longs Drugs
Company typeSubsidiary
IndustryRetail
Founded1938; 86 years ago (1938) in Oakland, California
Founders
Headquarters
Walnut Creek
,
California, United States (before acquisition)
Area served
Hawaii (formerly Alaska, Arizona, California, Colorado, Nevada, Oregon, Utah, and Washington)
Products
  • Pharmacy
  • cosmetics
  • health and beauty aids
  • general merchandise
  • snacks
  • 1 hour photo
ParentCVS Health (2008–present)

Longs Drugs is an American chain owned by parent company CVS Health with approximately 70 drugstores throughout the state of Hawaii and formerly in the Continental US.

Before being acquired by parent company 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, Utah and Washington, and was headquartered in Walnut Creek, California.

History

[edit]

The first store was founded in 1938 as Longs Self-Service Drugs, by brothers Thomas and Joseph Long (son-in-law of Marion Barton Skaggs, co-founder of Safeway Inc.), when they opened their first store on Piedmont Avenue in Oakland, California. The first Longs in Hawaii opened on March 29, 1954, in Honolulu. By 1971, Longs reported sales of $169 million (~$974 million in 2023) from its 54 stores. They were incorporated during the same year.[1]

The company expanded to Alaska in 1977, Arizona and Oregon in 1978, and Nevada in 1979. By 1982, Longs had 162 stores and exceeded $1 billion (~$2.67 billion in 2023) in sales.[2] In 1987, Longs acquired 11 Osco drugstores in California and one in Colorado. They also sold 15 stores in Arizona to Osco. Their sales passed $2 billion (~$4.12 billion in 2023) for the first time in 1990. In 1993, Longs purchased Bill's Drugs, a 20-store chain located in Northern California, for $23.9 million (~$45.5 million in 2023).

In 1995, Longs formed Integrated Health Concepts, a Pharmacy Benefit Management company. They also closed 2 stores located in Alaska. In 1997, Longs and American Drug Stores Inc. (subsidiary of Albertson's Inc. at the time) merged their pharmacy benefit management companies to create RxAmerica, with each company retaining 50% ownership.

In 1998, Longs acquired 20 Drug Emporium stores from Western Drug Distributors, Inc. 18 of the stores were located in western Washington and two in the Portland, Oregon. Rite Aid sold Longs 32 stores located in California for $150 million (~$258 million in 2023) in October 1999, which itself were former PayLess Drug locations since 1998.

On September 17, 2001, Longs exercised its option to acquire Albertson's interest in RxAmerica and established full ownership of the PBM.

In 2003, Bob Long stepped down as Chairman and CEO, marking the first time in the history of Longs Drugs that a member of the founding family was not involved in the company. In 2004 Longs acquired Sacramento, California-based American Diversified Pharmacies (ADP), a mail order pharmacy. On January 1, 2006, RxAmerica began offering Medicare Part D prescription drug plans in all 50 states and the District of Columbia.

In June 2006, Longs purchased 21 retail pharmacies, from Network Pharmaceuticals, Inc. The Network pharmacies are located close to the point of care (such as hospitals, clinics, and medical office buildings), and were much smaller than Long's traditional retail stores. Longs also purchased 4 stores from PharMerica, Inc., a subsidiary of AmerisourceBergen Corporation.

By 2008, CVS/pharmacy acquired Longs Drugs, and rebranded all pharmacies outside Hawaii by the summer of the following year. In 2011, CVS closed the 90,000 sq ft (8,400 m2) flagship superstore on 5100 Broadway in Oakland, CA, due to property redevelopment plans.[3]

Acquisition

[edit]
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.[4] 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 Health paid a total of $2.54 billion to acquire all outstanding shares of Longs Drugs, and hoped to save upwards of $100 million in 2009 and $140–$150 million in 2010 in expenses from synergies attained from the business combination.[5] On September 12, 2008, the Walgreen Co. stepped in with an offer representing a $3.50 (~$5.00 in 2023) per share premium over the cash purchase price offered by CVS.[6] 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.[7] According to the San Francisco Chronicle, CVS retained 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.

[edit]

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.[9] In 2005, Honolulu Advertiser columnist Lee Cataluna published a short-story collection, Folks You Meet in Longs, and Other Stories.[10] It is based on Cataluna's eponymous play which premiered August 2003 at Kumu Kahua Theatre.[11]

Hawaii expansion

[edit]

In an effort to combat Walgreens' expansion in Hawaii, CVS began a statewide expansion in 2010, with many new locations within a mile of an existing Longs Drugs.[12] However, CVS closed two 'underperforming' stores in Honolulu in 2019.[13]

References

[edit]
  1. ^ "70 years of Longs". San Francisco Chronicle. August 14, 2008.
  2. ^ "Longs was the last regional chain drugstore". SFGate. Retrieved 2018-04-19.
  3. ^ "Former Super Longs to close amidst extensive redevelopment plans". The San Francisco Chronicle. March 8, 2011.
  4. ^ "CVS Caremark Corporation to Acquire Longs Drug Stores Corporation". www.businesswire.com. 2008-08-12. Retrieved 2020-08-27.
  5. ^ "News - BigCharts.com". Bigcharts.marketwatch.com. Retrieved 8 January 2015.
  6. ^ Merrick, Amy; Armstrong, David (September 15, 2008). "Walgreen Jumps In With Rival Bid for Longs Drug". The Wall Street Journal.
  7. ^ "CVS Caremark Successfully Completes Tender Offer for Longs Shares". Businesswire. October 30, 2008. Retrieved October 22, 2019.
  8. ^ "800 Longs employees to be let go in East Bay". SFGate. Retrieved 8 January 2015.
  9. ^ History of Longs Drug Stores Archived January 6, 2007, at the Wayback Machine
  10. ^ Folks You Meet in Longs and other stories by Lee Cataluna Archived November 14, 2006, at the Wayback Machine
  11. ^ 33rd Season of Plays for and about Hawai`i Archived February 5, 2005, at the Wayback Machine
  12. ^ 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. Archived from the original on 2010-07-12. Retrieved 2019-10-19.
  13. ^ HNN Staff. "CVS closing dozens of stores in US, including 2 in Honolulu". Hawaii News Now. Retrieved 6 May 2019.
[edit]
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