Walgreens to pull plug on Drugstore.com, Beauty.com
In a cost cutting initiative, Walgreens will shut down drugstore.com and beauty.com by the end of September, proving once again that when placing your faith in “category killing” domains, the only thing you may kill is your own business.
Walgreens acquired their fleet of ecommerce sites in 2011 for $429 million.
They will incur a charge of $115 million pre-tax as part of the shutdown.
Drugstore.com launched in 1999 (of course!) and IPO-ed at $65/share before the Walgreens buyout.