NEW YORK — The disappearance of the Drug Fair and Cost Cutters logos from New Jersey marks not only a loss for regional drug chains, but a blow to the cosmetics industry.
Drug Fair Group Inc. and its parent company, CDI Group Inc., announced Wednesday that they filed voluntary petitions for reorganization under Chapter 11. In connection with the Chapter 11 filing, Drug Fair entered into an agreement with Walgreens to sell substantially all of its assets associated with 32 of its stores. Walgreens plans to put its logo on those stores and close the remaining 11 units (Walgreens obtained the pharmacy files of those stores). Two Drug Fair stores closed prior to the deal and transferred those Rx files to Wegmans and ShopRite.
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