Walgreen to buy 34 New Jersey stores

April 28, 2009 at 4:44 PM

DEERFIELD , Ill., April 28 (UPI) -- A U.S. bankruptcy judge said Walgreen Co. could purchase 34 Drug Fair stores in New Jersey for a price of $55.95 million.

Drug Fair, owned by private equity group Sun Capital Partners, filed for Chapter 11 bankruptcy protection in March, The (Newark, N.J.) Star-Ledger reported Tuesday.

Its bankruptcy filing lists debts amounting to $500 million and assets of $100 million.

Prescription medicine distributor Cardinal Health is listed as a creditor that is owed $18 million. In addition, owners of three independent pharmacies that sold their businesses to Drug Fair in 2008 are owed a total of $2.3 million, the newspaper said.

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