Duane Reade loans extended, chain must reinvent itself

Oak Hill Capital Partners, a private equity firm, gave Duane Reade $125 million in refinancing last week to keep the drug store chain from defaulting on its loans. Those loans have now been extended to 2015, and in the meantime, the chain must find a way to turn itself around. Oak Hill, which purchased Duane Reade for $750 million, has remodeled 20 Duane Reade stores so far, widening the aisles, lowering shelves and adding glass to let in more natural light. Another 100 stores are slated for remodeling by the end of next year.

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