Arbor Drugs

Arbor Drugs was a chain of drug stores based in Troy, Michigan. It was founded by Eugene Applebaum and Bruno Manni in 1974, when they merged five stores and incorporated 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...