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Duane Reade Inc. (/dweɪn ˈriːd/ dwayn REED) is a chain of pharmacy and convenience stores owned by Walgreens. Its stores are primarily in New York (metropolitan New York City and Nassau, Suffolk, Westchester, Rockland, and Fairfield counties) in addition to in New Jersey. They are known for high-volume and small store layouts in densely populated Manhattan locations. In 2012, the company headquarters moved to 40 Wall Street in Lower Manhattan which is the location of its newest flagship store.[1][2]

Key Information

History

[edit]

Founded in 1960, the chain was started with three stores by Abraham, Eli, and Jack Cohen with a warehouse located between Duane Street and Reade Street on Broadway in Lower Manhattan.[3] Duane Reade takes its name from the company's first successful full-service drugstore, which opened in 1960 on Broadway between Duane and Reade Streets in Tribeca, just north of the Financial District. The streets themselves were named after early American politicians, James Duane (1733–1797) and Joseph Reade (1694–1771).[4]

The Cohen family sold Duane Reade to Bain Capital in 1992[5] for a reported $239 million.[6] Bain Capital in 1997 then sold the majority ownership of the chain to Donaldson, Lufkin & Jenrette.[7] Duane Reade completed its initial public offering (IPO) on February 10, 1998, trading on the New York Stock Exchange under the ticker symbol DRD.[8] On August 2, 2004, the company announced that it was acquired by Oak Hill Capital Partners and was again a private company.[9]

Gary Charboneau, the company's senior vice president of sales and marketing since 1993, explained his store layout strategy in New York magazine in 2005. He designed each store using four sections: one for beauty and cosmetic products, another that serves as a pharmacy, a third section for seasonal products such as cards and candy, and a fourth part for household and grocery items. Cosmetic items were placed near store entrances, pharmacy sections were moved to the rear of stores since—according to Charboneau—"people don’t browse for prescriptions", and the other two sections occupied the remaining space. Ian Mount wrote in the magazine article, "half of Duane Reade’s sales come from food, cosmetics, and the like."[3]

Under CEO Anthony Cuti, who had been the president of Pathmark, the store expanded from 59 stores in 1996 to 249 stores in May 2005, with more stores in New York City than any other drugstore chain.[3] In September 1998, Duane Reade acquired Rock Bottom Stores Inc, another drug retail chain with 38 retail stores, for $30 million plus an additional $31 million for the store's inventories.[10][11] While sales for Duane Reade rose from $1.14 billion in 2001 fiscal year to $1.38 billion in 2003,[12] the combined impact of union disputes, a local recession, and the destruction of their best-performing store in the September 11 attacks forced the company to slow its expansion from 30 new stores a year in 2001 and 2002 to no more than 17 a year in 2003 and 2004.[3] Despite its expansion, the company had long-term debts of $405 million by October 2008, losing $33.1 million in the first half of that year.[13] Almost all of its stores are located in New York City or the immediate suburbs.

On April 19, 2006, it was announced that after nearly five years, Duane Reade agreed to settle with Disabled In Action to make all of its stores ADA compliant. According to the New York Daily News, Duane Reade estimated it would take two years to inspect and revamp its stores for wheelchair access. In November 2008, Duane Reade began rolling out a new logo.[14] In April 2009, Duane Reade hired DeVito/Verdi as its lead advertising agency.[15]

On April 9, 2010, Duane Reade was acquired by the Walgreen Company for $1.075 billion, consisting of $618 million in cash and $427 million of assumed debt.[16] The transaction includes Duane Reade corporate office, 257 stores, and two distribution centers.[17] On July 6, 2011, Duane Reade opened a location at 40 Wall Street in Lower Manhattan.[2]

A shopper in an aisle at a Duane Reade store in Manhattan's Penn Station, June 2007

Litigation and disputes

[edit]

Duane Reade and its executives have been involved in various disputes over its business practices with federal and local governments and labor unions.

Two unions and Duane Reade Inc. struck a deal on April 11, 2006, to close a five-year contract dispute. The three-year agreement covers "all of Duane Reade's clerks, cashiers, pharmacy clerks, pharmacy technicians, and photo technicians", and it closes a dispute dating from September 2001, when their previous contract expired. As part of the deal, Duane Reade and the unions settled all outstanding union and company claims before the National Labor Relations Board.[18]

In November 1997, the company settled charges that it sold drugs and other products in its New Jersey stores that were expired or overpriced. It agreed to pay $200,000 in civil penalties, investigative costs, and fees and to comply with the state's laws and regulations but did not admit wrongdoing.

Its embattled CEO Anthony Cuti, along with former CFO William Tennant, were indicted on October 9, 2008, in Manhattan federal court for falsely reporting company income and conspiring to commit securities fraud from December 2000 to June 2005.[19] Cuti had already been replaced in November 2005 by industry veteran Richard Dreiling, COO of Longs Drugs stores based in the San Francisco area.[20] In June 2010, Cuti and Tennant were convicted of securities fraud between November 2000 and June 2005. They faced up to 20 years in prison. Cuti was sentenced to three years in prison on November 15, 2010; Tennant was sentenced in September 2011 to time served, supervised release for three years, and a $10,000 fine.[21][22]

References

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Duane Reade

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from Grokipedia
Duane Reade Inc. is a chain of pharmacy and convenience stores operating primarily in the as a of . Founded in 1960 by brothers Abraham, Eli, and Jack Cohen, the company derives its name from Duane and Reade Streets, which bounded its original warehouse in near the site of the first store on Broadway. Initially established as a small health-and-beauty retailer, it expanded into full-service drugstores offering prescriptions, over-the-counter medications, , photo processing, and everyday convenience items, often with 24-hour operations suited to urban density. In 2010, acquired Duane Reade for $1.075 billion, preserving the brand for its distinctive New York footprint amid broader national integration. As of 2024, the chain maintains approximately 189 locations in , reflecting ongoing consolidations in response to retail challenges including theft and competition.

Origins and Expansion

Founding and Initial Growth (1960s–1980s)

Duane Reade was established in late 1959 when , a 33-year-old entrepreneur with prior experience in apparel retailing, opened a 500-square-foot cut-rate store on Broadway between Duane and Reade streets in , initially focusing on discounted health and beauty aids (H&BA). Shortly thereafter, a second store opened across the street, incorporating a and adopting the name Duane Reade to evoke neighborhood familiarity based on the bounding streets; Eli's brothers, Abraham (Abe) and Jack Cohen, joined to support the venture. The first full-service drugstore formalized operations in 1960, achieving over $1 million in sales during its inaugural year through a bare-bones setup with simple pine board fixtures, hand-marked prices, and emphasis on branded H&BA discounts that challenged prevailing pricing restrictions. Early expansion in the 1960s targeted high-traffic locations, treating each as an independent market opportunity, with stores opened in prominent sites such as the World Trade Center and to capitalize on office worker foot traffic. The chain maintained a conservative approach, limiting openings to no more than three stores annually, prioritizing low-overhead operations with weekday hours from 8 a.m. to 6 p.m., street-distributed circulars for promotion, and focus on fast-moving inventory to sustain high per-store sales volumes that distinguished it as New York's downtown drugstore leader. By autumn 1973, Duane Reade operated nine stores, all in , generating $32 million in sales by 1977 through strategies emphasizing affordable rents in underutilized small or multi-level spaces avoided by larger competitors. Into the 1980s, growth continued methodically amid challenges from escalating real estate costs, reaching 17 stores by 1980 and 25 by 1984, with fiscal 1983 sales of $102 million and net profits of $7.8 million. Expansion remained predominantly -centric, with only one outpost in , as the Cohens leveraged unique urban leasing opportunities and efficient to build scale without aggressive borrowing. By 1989, the chain had 33 stores and $236 million in sales, solidifying its position through persistent focus on volume-driven, low-cost retail rather than broad suburban outreach.

Acquisition and Modernization (1990s–2000s)

In 1992, the Cohen brothers, who had controlled Duane Reade since its founding, sold the company to Bain Capital Inc. for $239 million, marking a significant ownership transition that enabled further expansion in the competitive New York pharmacy market. Under Bain's stewardship, Duane Reade pursued aggressive growth, increasing its store count through acquisitions and new openings while shifting emphasis toward higher-margin products such as cosmetics and health items to boost profitability amid urban density challenges. By the mid-1990s, the chain had expanded to over 100 locations, primarily in and surrounding boroughs, capitalizing on prime for convenience-driven sales. This period saw initial efforts to modernize operations, including improved inventory management and store layouts to enhance customer flow in high-traffic urban settings, though financial pressures from debt servicing limited broader renovations. Duane Reade went public via an , trading on the under the ticker DRD, which provided capital for sustained expansion into the early 2000s. In the early 2000s, under CEO Anthony Cuti, who assumed leadership around 2000, Duane Reade accelerated store growth from approximately 59 locations to 249 by 2005, focusing on flagship urban sites with expanded pharmacy services and offerings to compete with larger chains. Modernization initiatives included upgrading point-of-sale systems and strategies to prioritize generics and private-label products, aiming to improve margins in a price-sensitive market. However, rising operational costs and competition prompted a on August 2, 2004, when acquired the company for approximately $708 million, taking it private to facilitate restructuring without public market scrutiny. This acquisition involved a merger where Duane Reade Acquisition Corp. merged into Duane Reade Inc., resetting the to support ongoing store optimizations and debt management.

Ownership Transitions

Private Equity Involvement (2004–2009)

In August 2004, acquired Duane Reade in a valued at approximately $700 million, including $245 million in equity, taking the company private from its previous public status. The transaction, led by then-CEO Gary Charboneau, involved significant debt financing, with $160 million from a "B" loan and $150 million from a facility, reflecting the high-leverage structure common in deals of the era. Under Oak Hill's ownership, Duane Reade encountered operational and financial difficulties almost immediately, with the company reporting cash hemorrhages from the outset due to its debt burden and intensifying competition from national pharmacy chains like CVS and . Oak Hill responded by overhauling management; Charboneau was replaced after 17 months, and in 2005, the firm installed Richard Dreiling as CEO to stabilize operations and pursue cost-cutting measures. Despite these efforts, the chain struggled with declining same-store sales and pressure from urban costs, exacerbated by the leveraged that prioritized debt service over growth investments. By , Duane Reade faced imminent default risks amid the broader and pharmacy sector consolidation, prompting Oak Hill to inject $125 million in additional capital as part of a package to repurchase debt and extend maturities. This infusion, structured to avert , underscored the portfolio company's vulnerability to economic downturns and competitive threats, though it provided temporary liquidity without resolving underlying leverage issues. Throughout the period, Oak Hill's strategy emphasized operational efficiencies and store optimizations in Duane Reade's core market, but the heavy debt load limited flexibility and contributed to persistent underperformance relative to peers.

Walgreens Acquisition (2010)

On February 17, 2010, announced its agreement to acquire Duane Reade from affiliates of in a cash transaction valued at a total enterprise value of $1.075 billion, consisting of $618 million in cash paid by and the assumption of approximately $457 million in Duane Reade's existing debt. The deal encompassed Duane Reade's 257 drugstores, primarily concentrated in the metropolitan area, where the chain generated unaudited revenue of $1.8 billion for the fiscal year ended December 26, 2009. The acquisition was financed entirely through ' existing cash reserves and was subject to customary regulatory approvals, including antitrust review by the . cited the purchase as a strategic move to bolster its presence in high-density urban markets, particularly , where Duane Reade's store footprint and customer loyalty provided immediate scale advantages over organic expansion. Duane Reade's operations were expected to remain largely independent post-acquisition, retaining its brand name, store formats, and management team to preserve its local market identity. The transaction closed on April 9, 2010, integrating Duane Reade's financial results into ' consolidated statements from that date onward. This marked the end of Duane Reade's tenure under ownership, which had begun in 2004, and positioned as the dominant chain in the New York region by store count and . No significant operational disruptions or layoffs were reported immediately following the closure, aligning with ' emphasis on leveraging Duane Reade's established urban expertise for broader network synergies.

Business Operations

Products and Services

Duane Reade operates as a retail pharmacy chain offering a range of prescription and over-the-counter medications, including treatments for , , flu, and chronic conditions, alongside vitamins and supplements. Stores stock health and beauty products such as , items, products, fragrances, and makeup from various brands. Convenience goods include snacks, beverages, , gum, pantry staples, and household essentials like supplies. Pharmacy services encompass prescription refills, transfers, and management, with options for same-day delivery or in-store pickup for eligible orders. Customers can schedule vaccinations, including flu and shots, at select locations. Additional offerings include photo printing from digital files and consultations for drug information. Since its integration with in 2010, Duane Reade has expanded access to these services through online platforms and app-based ordering.

Store Format and Urban Focus

Duane Reade stores are characterized by compact, high-volume layouts optimized for densely populated urban environments, particularly in . These stores typically range from 15,000 to 20,000 square feet, enabling adaptation to constrained urban spaces such as multi-floor configurations in non-standard buildings, with 49 locations featuring two floors to maximize vertical space. This format supports a strong emphasis on front-end non-prescription sales, including convenience items, alongside services, fostering brand recognition in competitive markets. The chain's urban focus centers on high-density areas like , where it maintains a dominant presence through strategic acquisitions of local pharmacies and placement in high-traffic business and residential districts. Stores often operate extended hours, including 24/7 in key locations, to serve the fast-paced needs of city dwellers, thriving amid elevated rents and diverse neighborhoods from affluent to lower-income zones. This density-driven strategy, which grew the chain to 249 stores by , prioritizes accessibility over expansive suburban models, differentiating it from broader chains. Following the 2010 acquisition by , Duane Reade retained its urban-oriented format, with conversions to enhanced designs incorporating neighborhood-customized private-label products and upscale amenities in flagship stores, such as the 22,000-square-foot location at opened in 2011. The approach continues to leverage small-format efficiencies for urban pharmacies, emphasizing personalized services in space-limited settings while preserving the chain's New York-centric identity.

Recent Developments and Challenges

Integration with Walgreens and Store Network Changes

Following its acquisition by on April 9, 2010, Duane Reade underwent operational integration into the parent company's systems, including the adoption of Walgreens' inventory management and platforms to streamline and prescription fulfillment processes. This process preserved the Duane Reade identity for its 258 stores primarily in the metropolitan area, avoiding immediate rebranding to differentiate from Walgreens' existing 70 locations in the region. The integration targeted annual cost synergies of $120 million to $130 million by the third year, achieved through centralized , shared , and unified technology infrastructure without disrupting local store formats tailored to . By 2014, storefront signage evolved to include "Duane Reade by " beneath the primary branding, signaling ownership while maintaining regional name recognition amid New York's competitive retail landscape. This hybrid approach supported cross-promotion of Walgreens' national programs, such as rewards and prescription transfers, into Duane Reade's footprint, enhancing integration across the combined network of over 8,000 U.S. stores by the mid-2010s. Store network changes shifted toward contraction in the 2020s amid Boots Alliance's broader profitability challenges, including rising theft, operational inefficiencies, and post-pandemic shifts in consumer behavior. In October 2024, the company announced plans to close about 1,200 underperforming stores worldwide—roughly 10% of its total—focusing on optimization rather than expansion. Duane Reade bore significant impacts in , where closed 22 locations in 2024 alone, reducing the chain's presence to 189 stores and contributing to a citywide loss of nearly 10% of drugstores that year, exacerbated by rampant retail crime. Into 2025, additional Duane Reade closures continued under this restructuring, including sites at 5008 5th Avenue in (May 21), multiple Manhattan addresses such as those on the and , and 465 2nd Avenue (January). These reductions aligned with ' evaluation of lease terms, foot traffic viability, and security costs in high-crime urban zones, prioritizing remaining stores for enhanced services like expanded healthcare clinics while trimming redundant or low-volume outlets.

Financial and Market Pressures (2010s–2025)

The acquisition of Duane Reade by Walgreens in 2010, valued at approximately $1.5 billion including $457 million in assumed debt, immediately triggered a credit rating downgrade by S&P, signaling early financial strain from integration costs and leveraged expansion. Throughout the 2010s, Duane Reade benefited from Walgreens' national scale but grappled with stagnant margins in New York City's competitive landscape, where over 1,400 independent pharmacies and rivals like CVS and Rite Aid vied for urban foot traffic, alongside high real estate costs in dense boroughs. Prescription volumes grew initially, with Walgreens filling a record 778 million scripts in fiscal 2010 (a 7.5% increase year-over-year), but reimbursements from pharmacy benefit managers began eroding profitability as PBM consolidation squeezed generic drug pricing. Market pressures intensified in the late and due to digital disruption, with consumers shifting to online platforms like for convenience and lower prices, compounded by mail-order prescriptions promoted by insurers. Duane Reade's urban store format, emphasizing quick-access convenience in high-rent areas, faced additional headwinds from rising theft—exacerbated by New York City's crime surge—and labor costs, contributing to a decade-long contraction where nearly half of the city's drugstores shuttered by 2024, including about 10% that year alone. ' broader fiscal woes, including ballooning debt from serial acquisitions and operational inefficiencies, filtered down to Duane Reade; adjusted stagnated around $4 from fiscal 2016 peaks, while overall corporate net losses reached $4 billion in recent quarters amid $5.6 billion revenue shortfalls. By 2024–2025, these pressures culminated in accelerated store rationalization, with committing to close 1,200 underperforming U.S. locations over three years, starting with 500 in fiscal 2025, directly impacting Duane Reade's footprint—exemplified by the November 2024 closure of the 1524 Second Avenue store on Manhattan's . Parent company , burdened by a "lost decade" of M&A-driven overexpansion and retail neglect, pursued a $10 billion deal with in March 2025 to restructure amid persistent losses, suspensions, and a market cap erosion from $100 billion to under $10 billion. Despite Q1 2025 revenue growth to $39.5 billion (up 7.5% year-over-year), ongoing closures of about 70 stores quarterly underscored Duane Reade's vulnerability to cuts, encroachment, and urban-specific risks like , which eroded 25% of ' stores' viability.

Labor and Employment Litigation

In 2008, plaintiffs in Damassia v. Duane Reade, Inc. alleged that the company violated the Fair Labor Standards Act (FLSA) and New York Labor Law by failing to pay to certain employees, including claims of improper deductions and off-the-clock work. The U.S. District Court for the Southern District of New York certified a under the FLSA for violations, though the case involved ongoing disputes over class certification under state . A significant class action, Jacob v. Duane Reade, Inc., filed in 2011, accused Duane Reade of misclassifying assistant store managers (ASMs) as exempt from pay despite their performance of non-managerial tasks, such as stocking shelves and operating registers, in violation of FLSA and New York Labor Law. The suit covered approximately 1,075 ASMs employed from 2009 to November 2016 and followed prior settlements, marking the fourth attempt by plaintiffs to challenge the classification after earlier dismissals. In 2017, Duane Reade agreed to a $13.5 million settlement to resolve the claims without admitting liability, with court approval granted in May 2017. Delivery workers assigned to Duane Reade stores were part of a broader 2002 , Ansoumana v. Gristede's Operating Corp., which alleged and violations under FLSA and New York , including payments below for excessive hours. Duane Reade faced potential with other defendants for underpayments to these workers. The case contributed to a multi-defendant settlement totaling $8.1 million in wages and benefits by 2010. In a 2009 EEOC enforcement action, EEOC v. Duane Reade Inc., the agency charged the company with of three female employees by coworkers and a manager, including retaliatory termination, in violation of Title VII of the Civil Rights Act. Duane Reade settled the suit for $240,000, providing back pay, compensatory damages, and injunctive relief such as anti-harassment training, without admitting wrongdoing. Following its integration into Walgreens, hourly employees at Duane Reade locations in New York pursued and hour claims in a class settlement covering to June 2021, addressing alleged failures to compensate for all hours worked, including breaks and training time, under FLSA and state law. The settlement, administered through a dedicated claims site, resolved disputes for affected workers without an admission of liability by or Duane Reade.

Other Corporate Disputes

Following the September 11, 2001, terrorist attacks, Duane Reade initiated litigation against its insurer, St. Paul Fire & Marine Insurance Company, seeking coverage for business interruption losses from the destruction of its World Trade Center store and impacts on nearby locations. The dispute focused on policy interpretations of , extra expense coverage, and the duration of indemnity for relocation and rebuilding, with Duane Reade claiming millions in lost profits. St. Paul paid $9.8 million to cover nine months of losses associated with locating, furnishing, and opening a replacement store, but the case extended nearly a decade through district court rulings, appeals, and challenges, culminating in appellate affirmance limiting further claims under prior policy provisions. As a direct purchaser, Duane Reade joined antitrust class actions in In re Cardizem CD Antitrust Litigation, alleging that Hoechst Marion Roussel (HMRI) and Andrx Pharmaceuticals engaged in an unlawful agreement to delay generic entry for the extended-release hydrochloride (Cardizem CD) by settling litigation on terms that included payments to Andrx to withhold FDA-approved generics. Duane Reade purchased between $500,000 and $800,000 of the branded drug annually during the relevant period, claiming overcharges due to suppressed competition from 1998 to 2003. Federal courts found the agreement constituted a horizontal market allocation restraint, enabling damages calculations based on generic price differentials, though Duane Reade's specific recovery formed part of broader multidistrict settlements exceeding $100 million across plaintiffs. In 2010, shortly after ' acquisition, law firm & Friedman LLP sued Duane Reade Holdings Inc. for approximately $7 million in unpaid fees under an alternative billing arrangement tied to representation in a prior commercial dispute involving ATM surcharge payments from . The firm contended that email exchanges formed a binding contingency agreement entitling it to a "success fee" based on recovered funds, while Duane Reade argued the communications were non-binding proposals and the fee scope was limited to initial recoveries. The in 2013 upheld lower courts' determination that the emails evidenced mutual assent to essential terms, enforcing the agreement despite ambiguities in fee calculation, though the final award details remained subject to trial proceedings. Duane Reade faced a 2014 right-of-publicity lawsuit from actress , who sought $6 million in damages for the company's and posts featuring a paparazzi photo of her exiting a Duane Reade store with shopping bags, implying endorsement without permission. Heigl alleged violations of New York Civil Rights Law §§ 50-51 for unauthorized commercial use of her likeness and under the . The case, highlighting ambiguities in consents, was voluntarily dismissed by Heigl in August 2014, with Duane Reade making a confidential contribution to her Jason Debus Heigl Foundation in resolution. In 2003, Duane Reade filed a suit against artist Patrick Clark and local newspaper The Wave over advertisements criticizing the company's proposed illuminated billboards in Rockaway Park, Queens, which Clark portrayed as corporate intrusion on residential . The claims alleged false implications of illegal or unethical conduct in disputes. A justice dismissed the action in 2004, ruling the statements non-defamatory as protected opinion on public issues, and characterized the suit as meritless intimidation of community critics, declining to award sanctions but underscoring limits on corporate libel claims against expression.

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  63. https://topclassactions.com/lawsuit-settlements/lawsuit-news/judge-approves-overtime-pay-class-action-settlement-duane-reade/
  64. https://law.justia.com/cases/federal/district-courts/FSupp2/255/184/2562510/
  65. https://opencasebook.org/casebooks/5444-employment-law/resources/2.1.1-ansoumana-v-gristedes-operating-corp/
  66. https://www.outtengolden.com/capabilities/cases/gristedes-ap-and-duane-reade-deliverymen/
  67. https://clearinghouse.net/case/8357/
  68. https://violationtracker.goodjobsfirst.org/parent/sycamore-partners-management
  69. https://www.walgreenswageandhoursettlement.com/
  70. https://www.robinskaplan.com/-/media/pdfs/ten-years-after-9-11-property-insurance-lessons-learned
  71. https://law.justia.com/cases/federal/appellate-courts/ca2/07-4141/07-4141-cv_opn-2011-03-27.html
  72. https://www.casemine.com/judgement/us/5914b9c8add7b0493478d213
  73. https://law.justia.com/cases/federal/district-courts/FSupp2/105/682/2288601/
  74. https://law.justia.com/cases/new-york/court-of-appeals/2013/119-ssm-51.html
  75. https://www.nycourts.gov/REPORTER/3dseries/2012/2012_05889.htm
  76. https://www.hollywoodreporter.com/business/business-news/katherine-heigl-ends-lawsuit-duane-728552/
  77. https://franchiselaw.foxrothschild.com/2014/08/articles/business-updates/or-maybe-we-wont-heigl-v-duane-reade-update/
  78. https://www.nycourts.gov/reporter//3dseries/2004/2004_50174.htm
  79. https://www.nytimes.com/2004/03/15/nyregion/duane-reade-loses-libel-suit-against-a-billboard-opponent.html
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