CVS introduced on Thursday that it will likely be shutting dozens of shops throughout the nation situated inside Goal shops.
A spokesperson for CVS advised CNN that the choice to shut choose shops is “primarily based on our analysis of modifications in inhabitants, shopper shopping for patterns and future well being wants to make sure we’ve the best pharmacy format in the best areas for sufferers.”
The chain mentioned that these impacted by the closures shall be “supplied comparable” new positions inside the firm. The closings are anticipated to start in February and conclude in April.
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CVS bought Goal’s pharmacies and medical clinics in 2015 in a $1.9 billion deal that added over 1,660 new pharmacies to the chain’s index of shops, which is now estimated to be round 9,000 pharmacies.
The chain mentioned that it’s not but disclosing which shops have been chosen to be shuttered.
In August 2023, CVS minimize 5,000 “non-customer going through” positions, and layoffs are anticipated to proceed into this yr.
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The chain disclosed in November 2021 that it plans to shut 900 shops by the top of 2024.
“Our trade is evolving to adapt to new shopper well being wants and expectations. As a part of an enterprise initiative to reprioritize our investments round care supply and know-how, we should take tough steps to scale back bills,” the corporate mentioned on the time.
CVS was down over 13.5% yr over yr as of Friday afternoon.
