In 1986, the chain went public, opening on NASDAQ under the stock symbol ARBR.
A scandal broke out in July 1993 when it was revealed that the chain had overcharged the health insurance company Blue Cross and Blue Shield Association at least $17 million in prescriptions since 1988.
[3] The two sides later settled for $15 million, but only one year later, Arbor was once again involved in a controversy over overcharging Medicaid claims.
By 1997, the drug store chain was the nation's eighth largest, having 207 locations throughout southeastern Michigan.
CVS Corporation announced on February 9, 1998, that it would be purchasing Arbor Drugs in a transaction estimated at $1.48 billion (~$2.58 billion in 2023), and creating the largest chain drug retailer in the process.