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USA Drug, parent company of Super D and Ike’s Discount stores, said today that its deal with Walgreen Co. will be completed Tuesday, March 23.

The Commercial Appeal reported Wednesday evening that USA Drug was leaving the Memphis market, closing 17 Super D and Ike’s stores here. Walgreen bought the stores’ prescription files and is in negotiations with USA Drug to purchase and operate two Ike’s stores on Union and Park as Walgreens.

The terms of the deal were not disclosed.

Once the deal is finalized, patients who had their prescriptions at Ike’s or Super D stores will be able to pick them up at local Walgreens locations.

USA Drug president and CEO Joe Courtright said the sale is “unrelated to any recession concerns” and that it will allow his company to grow in other areas.

“We fully expect to reinvest the proceeds from the sale toward more acquisitions and as a result, forecast even greater earnings,” Courtright said in a statement issued this morning. “We have several additional store projects planned for the current fiscal year.”

Courtright said the sale marked “the end of the very large Ike’s format” and that it will allow USA Drug to focus on two main prototypes.

The statement said Walgreen is planning to interview a number of USA Drug employees in Memphis. Courtright called the employees “our company’s greatest asset.”

USA Drug will continue to operate and acquire Tennessee stores outside of the Memphis market, the statement said. The company now operates 152 stores in Arkansas, Oklahoma, Mississippi, Tennessee and Kansas.

Walgreen Co. operates 54 stores in Shelby County, nine in DeSoto County and two in Crittenden County.

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