Walgreens is acquiring the pharmacy business of Bi-Mart, a retail chain headquartered in Eugene, Ore.
Under the deal announced Sept. 30, Walgreens is getting 56 retail pharmacies in Oregon, Idaho and Washington. Prescription files from most of Bi-Mart's pharmacy will be transferred to a nearby Walgreens pharmacy. In areas where there isn't a nearby Walgreens, Walgreens will operate pharmacies within Bi-Mart stores under the Walgreens brand.
"This decision, while difficult, is strategically important as we move to strengthen our solid financial position and expand our plans for future growth in the Northwest," Bi-Mart CEO Rich Truett said in a news release. "Bi-Mart's core business is healthy and strong. However, over the years factors such as increasing costs and ongoing reimbursement pressure has led, in part, to our decision."
Walgreens said prescriptions will start being transferred in October, and all are expected to be transferred by January. Patients with prescriptions being transferred will be notified by mail.
Bi-Mart pharmacy staff will be given the opportunity to apply for available positions at Walgreens, the company said.
Financial terms of the deal weren't disclosed.
Read the full news release here.