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Business


CVS CLOSING DOZENS OF TARGET PHARMACIES IN LATEST COST-CUTTING MOVE

By Reuters

Published Jan. 11, 2024, 6:05 p.m. ET

CVS Health said Thursday it will close some pharmacies that operate inside
Target stores during the first several months of the year.

The closures will begin in February and be completed by the end of April, a
company spokesperson said. Prescriptions will be transferred to a
nearby CVS Pharmacy prior to closing, the spokesperson added.

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The Wall Street Journal reported dozens of pharmacies are affected.

The closures will begin in February and be completed by the end of April, CVS
said. CVS Health via AP Images

US pharmacy chains including rival Walgreens Boots Alliance have been
implementing cost cuts in an effort to tackle decreased spending by
inflation-weary consumers and intense competition.

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The pharmacy closures are “based on our evaluation of changes in population,
consumer buying patterns and future health needs,” CVS said.

The spokesperson declined to comment on locations impacted by the move, but said
the employees affected by the closures will be offered comparable roles within
the company.

CVS in 2015 bought Target’s pharmacies and clinics in a $1.9 billion deal.
Christopher Sadowski

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CVS in 2015 bought Target’s pharmacies and clinics in a $1.9 billion deal adding
about 1,660 pharmacies in the process.

What do you think? Post a comment.

The healthcare conglomerate, which now operates more than 9,000 retail
pharmacies in the US, also includes one of the largest US pharmacy benefit
managers and the Aetna health insurer.


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