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Walgreens is buying Stephen L. LaFrance Holdings Inc.’s regional drugstore chain, which includes USA Drug and Super D Drug stores, which grew from a pharmacy in space leased from the Gibson’s discount store at 10th Avenue and Main Street in Pine Bluff’s downtown.
“I was the small guy without a chance,” LaFrance acknowledged several years ago. The pharmacy, opened Feb. 26, 1968, had first day sales of $26 and posted a loss for the first quarter of operation.
LaFrance retired as president and CEO in 2006, but continued serving as the chairman of the largest privately held pharmacy chain in the United States.
The $438 million acquisition, subject to regulatory requirements, includes 144 USA Drug, Super D Drug, May’s Drug, Med-X and Drug Warehouse stores in Arkansas and six other states. The sale is expected to close about Sept. 1. The purchase, which includes corporate offices here and in Little Rock, the wholesale distribution unit, SAJ Distributors Pine Bluff, a wholesale unit and private brand. The privately held LaFrance chain recorded sales of $825 million in 2011, according to the Walgreens statement announcing the purchase.
Independent reporting for Pine Bluff & Jefferson County since 1879.
Walgreens, the nation’s largest drugstore chain, has been a LaFrance competitor for years. Both have posted major gains by acquiring competitors.
For a “small guy” who was not given much of a chance, LaFrance’s operations posted some impressive numbers over the years. Employees of the stores and SAJ numbered 3,133 this week, including 500 in the Pine Bluff area.
As a privately held company, LaFrance could play his cards close to his vest in a very competitive industry.
While he has worked out of a USA Drug office in Little Rock, LaFrance could often be found in an office on the second floor of a building in the SAJ complex. He still resides in Pine Bluff because it is home to him. He said he didn’t want to forget his roots.
While he retained the title of chairman, day-to-day operations have been turned over to a president and chief executive officer who signed on when the LaFrance companies acquired the Tulsa-based May’s chain. His two sons, Stephen Jr. and Jason, have been active as executive vice presidents.
The LaFrance concept of “roots” was behind the formation of the USA Drug Charitable Foundation and its expenditures to help people, including contributions to the Salvation Army, Neighbor to Neighbor, CASA and juvenile organizations.
LaFrance is proof that a small company starting in Pine Bluff can succeed when service is the driving force.
Change of command
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Col. Franz J. Amann, commander of the Pine Bluff Arsenal for the past three years, will turn over command of the arsenal to Col. David L. Musgrave during a July 17 ceremony at the Army installation.
Amann’s next assignment will be as chief of staff of the Joint Elimination Coordination Element, U.S. Strategic Command at the Aberdeen Proving Ground near Aberdeen, Md.
He has every right to be proud of the arsenal’s record, praising the Army installation’s employees, noting they were responsible for the “best safety record in the industry.”
Musgrave, like Amann, has held a number of staff and command positions.
Chemical Agent Disposal Facility is in the closure phase after destroying the last chemical-weapons in the arsenal stockpile.
Amann, the only arsenal commander to serve a three-year tour, sees a potential expanded mission for the installation. We hope he is right.
The arsenal is a major asset to Southeast Arkansas and the nation.