-
For today's top Money video click here - News Providers
- Associated Press
- Barron's
- bizjournals.com
- Briefing.com
- BusinessWeek
- Business Wire
- Forbes
- GlobeNewswire
- InvestorPlace
- MarketWatch
- Market Wire
- Minyanville
- Motley Fool
- MSNBC
- PRNewswire
- Thomson Reuters
- TheStreet.com
- Wall Street Journal
- News by Topic
- Companies
- Economy
- Industry
- Stock Market
- Commentary
- This Week
- Index
- MSN Money Experts
- Jim Jubak
- Jon Markman
- Liz Pulliam Weston
- MP Dunleavey
- More Experts
FTC looks into Longs Drug parent CVS CaremarkNovember 25, 2009 5:06 PM ETSteven E.F. Brown The Federal Trade Commission is looking into business practices at CVS Caremark Corp., which owns Longs Drug Stores Corp. Woonsocket, R.I.-based CVS (NYSE: CVS) bought Caremark, a drug-benefits manager, for $27 billion in 2007. That merger has led to business conflicts, according to complaints made against the company by patients and politicians who urged the FTC to investigate. Some complaints said Caremark pushed patients to buy drugs only at CVS pharmacies. CVS Caremark bought Longs Drug Stores last yearfor about $2.5 billion after fighting off rival claimant Walgreen Co. (NYSE: WAG), which is based in Deerfield, Ill. CVS picked up 521 Longs stores in California, Nevada, Arizona and Hawaii in the deal. CVS kept the Longs brand in Hawaii, but changed over the rest of the stores and shut down Longs’ head office in Walnut Creek, plus two other corporate offices in the East Bay, eliminating 800 jobs. There are 148 former Longs stores now branded CVS in the Bay Area. Copyright 2009 bizjournals.com
|
E-mail this article
Print-friendly version
Discuss this article
- Data providers
- Copyright © 2010 Thomson Reuters. Click for Restrictions.
- Quotes supplied by Interactive Data Real-Time Services.