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DEERFIELD, ILL. -- In a striking departure from its ground-up growth strategy of developing its own new stores from scratch, Walgreen Co. struck an agreement to purchase Delaware regional drug store powerhouse Happy Harry's for an undisclosed sum. The deal, announced June 5, marks Walgreens' biggest and boldest acquisition in two decades, and fills in what had been a gaping hole in its expanding mid-Atlantic retail empire.
The transaction includes all 76 Happy Harry's stores in Delaware, Pennsylvania, Maryland and New Jersey, and the corporate office and distribution center in Newark, Del. It marks the end of Happy Harry's, one of the industry's most respected …