CVS Health announced Thursday that it will close some pharmacies operating inside Target stores for the first few months of this year.
The closure will begin in February and is expected to be completed by the end of April, a company spokesperson said. Prescriptions will be transferred to nearby CVS pharmacies before the store closes, the spokesperson added.
of The Wall Street Journal reported Dozens of pharmacies are affected.
U.S. pharmacy chains, including rival Walgreens Boots Alliance Inc., are cutting costs to deal with lower spending by inflation-weary consumers and fierce competition.
Pharmacy closures are “based on an assessment of changes in the population, consumer purchasing patterns, and future health needs,” CVS said.
A spokesperson declined to comment on which locations would be affected by the move, but said employees affected by the closure would be given equivalent roles within the company.
CVS acquired Target Pharmacies and Clinics in a $1.9 billion deal in 2015, adding about 1,660 pharmacies in the process.
The healthcare conglomerate, which currently operates more than 9,000 retail pharmacies in the United States, also includes one of the nation's largest pharmacy benefit managers and health insurance company Aetna.
