CVS closing select Target pharmacies, with plans to close 300 total stores this year
CVS is continuing to shutter storefronts in the new year and plans to close select pharmacies inside Target locations in the coming months.
The closures are set to begin in February and should be completed by the end of April. Spokesperson Amy Thibault did not address questions on how many stores are set to close, but The Wall Street Journal reported that “dozens” would be affected.
The closures are part of CVS’s plan to shutter roughly 900 ‒ or 10% ‒ of its stores. The pharmacy chain has closed about 600 stores since 2022 and expects to close the remaining 300 this year.
Why is CVS shuttering pharmacies?
Thibault said the closures are part of CVS's plan to reduce store and pharmacy density.
The closures "are based on our evaluation of changes in population, consumer buying patterns and future health needs to ensure we have the right pharmacy format in the right locations for patients," she said in an emailed statement.
Other major pharmacy chains, including Rite Aid and Walgreens, have also been shuttering stores amid rising competition, pressure on prescription profits and waning foot traffic. (Rite Aid also faces pressure to cut costs as it faces a slew of opioid lawsuits. The company filed for bankruptcy last year.)
Pharmacists at the three chains have staged walkouts in recent months to protest deteriorating working conditions stemming from a lack of staff and resources.
Which CVS pharmacies are closing?
Thibault declined to share a list of the affected locations.
Prescription for disaster:America's broken pharmacy system in revolt over burnout and errors
What happens to CVS employees?
Impacted employees will be offered comparable roles within the company, Thibault said.
What about the customers?
Patient prescriptions will be transferred to a nearby CVS Pharmacy before the closures.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
