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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported: August 5, 1998
DUANE READE INC.
(Exact name of Registrant as specified in its charter)
Delaware 04-3164702
(state or other jurisdiction (Commission (I.R.S.
incorporation or organization file number) employer
identification
number)
990 Ninth Avenue
New York, New York 10001
(Address of Principal Executive Offices) (zip code)
Registrant's telephone number, including area code: (212) 273-5700
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ITEM 5. OTHER EVENTS
See attached press release (Exhibit A).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registration has duly cause this report to be signed on its behalf by the
undersigned hereunto duly authorized.
DUANE READE INC.
Date: August 7, 1998 By: /s/ William J. Tennant
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Name: William J. Tennant
Title: Chief Financial Officer
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[DUANE READE LOGO]
EXHIBIT A
For: Duane Reade Inc.
Approved by: William Tennant
SVP - Chief Financial Officer
(212) 273-5709
Contact: Naomi Rosenfeld/Carolyn Capaccio
Michele Loguidice
Press: Stacy Berns/Lauren Gargano
(212) 850-5600
FOR IMMEDIATE RELEASE Morgen-Walke Associates, Inc.
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DUANE READE TO ACQUIRE ROCK BOTTOM STORES
NEW YORK, NEW YORK, AUGUST 5, 1998 -DUANE READE, INC. (NYSE: DRD)
announced today that it has signed a definitive agreement under which Duane
Reade will acquire the operating assets of Rock Bottom Stores, Inc., a leading
drug retailer operating 38 stores primarily in the outerboroughs of New York
City. The purchase price of the transaction is approximately $30 million
dollars plus the net value of inventory at closing, which is currently expected
to be $31 million dollars. Pending Hart-Scott-Rodino approval, the transaction
is expected to be consummated within the next 45 to 60 days.
Duane Reade will acquire Rock Bottom's 38 stores located throughout
Brooklyn, Queens, Staten Island, Nassau and Suffolk counties, which generated
approximately $225 million in sales during the fiscal year ended January 1998.
"We are very pleased with the addition of these stores," said Anthony Cuti,
Chairman, President and Chief Executive Officer of Duane Reade. "This
acquisition is consistent with our overall plan for expansion in the metro New
York market."
Founded in 1960, Duane Reade is the largest drug store chain in the
metropolitan New York City area. As of June 27, 1998 the Company operated 84
full service stores.
Except for historical information contained herein, the statements in
this release are forward-looking and made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties,
which may cause the Company's actual results in future periods to differ
materially from forecasted or expected results. Those risks include, among
other things, the competitive environment in the drugstore industry in general
and in the Company's specific market area, inflation, changes in costs of goods
and services and economic conditions in general and in the Company's specific
market area. Those and other risks are more fully described in the Company's
filings with the Securities and Exchange Commission
# # #
The Number One Drug Chain in New York
Executive Offices: 440 9th Avenue, New York, N.Y. 10001, Telephone 212-273-5700
Member of NACDS o National Association of Chain Drug Stores
