Arbor Drugs - Troy MI

Address: Various
City: Troy
State: MI
County: Oakland
Number of visits to this page: 1847

Please note that location entries may feature older photos or post card views that may not represent the current appearance, features, addresses, phone numbers, or contact names of the attraction. This site is intended to be a historical as well as current record of various attractions but it is not always possible to have up-to-date information due to the vast number of locations featured here. We ask you consult the propietor for current information.

General Information:

Arbor Drugs was a chain of drug stores based in Troy, Michigan. It was founded by Eugene Applebaum & Bruno Manni when merging five stores and incorporating the chain under the Arbor name. In 1986, the chain went public, opening on NASDAQ under the stock symbol ARBR. Through the years, the chain grew, by opening stores and acquiring rival chains, such as Sentry Drugs in 1986 and M&R in 1994. By 1992 the chain held a 27.6% market share in the Detroit area.

In 1979, the chain was one of the first to offer computerized prescriptions, and by 1989, the entire chain's records were linked together. By 1994, half the chain's sales were pharmacy-related.

A scandal broke out in July 1993 when it was revealed that the chain had overcharged the health insurance company Blue Cross and Blue Shield Association at least $17 million in prescriptions since 1988. The two sides later settled for $15 million, but only one year later, Arbor was once again involved in a controversy over overcharging Medicaid claims. Eventually, all charges, both criminal and civil, were dropped.

By 1997, the drug store chain was the nation's eighth largest, having 207 locations throughout southeastern Michigan. Year 1997 revenues totaled $962.8 million.

CVS Corporation announced on February 9, 1998, that it would be purchasing Arbor Drugs in a transaction estimated at $1.48 billion, and creating the largest chain drug retailer in the process. Although most Arbor Drug locations were converted to CVS, several of these stores were later shuttered by the CVS Corporation. [Wikipedia]

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Info Updates:
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Arbor Drugs - Obit From 2017 (newer photo)
Obit From 2017 (newer photo)
Arbor Drugs - Growth And Expansion May 1997 (newer photo)
Growth And Expansion May 1997 (newer photo)
Arbor Drugs - June 1996 Article (newer photo)
June 1996 Article (newer photo)
Arbor Drugs - May 1997 Article On Residents Fighting Expansion In Lansing (newer photo)
May 1997 Article On Residents Fighting Expansion In Lansing (newer photo) © 2024 Over 72,504,934 Served