(NEXSTAR) – CVS Health said Thursday it will close “some” pharmacies inside Target stores.
CVs Principal Director of Communications Amy Thibault said in a statement that the closure will occur in early 2024, starting in February and ending in April. Employees at these locations “will be given equivalent roles within the company.”
The exact number of locations involved is not yet clear, but the Wall Street Journal reported that the plan includes: “dozens” of the pharmacy.
CVS is not sharing a list of closed stores, and prescriptions are proactively routed to nearby CVS pharmacies “to ensure patients receive uninterrupted pharmacy care.”
Thibault said the closures are part of a plan to “rebalance the retail footprint nationally and reduce the density of stores and pharmacies.” She said the decision was made after CVS evaluated changes in the population, purchasing patterns and future health needs as it seeks to match the right pharmacy format with the right patient location.
CVS isn't the only pharmacy industry to close stores, with Rite Aid announcing last October that it would close more than 150 stores. June 2023 Walgreens announces It will close 150 stores in the US and another 300 in the UK.
In 2021, CVS itself announced The company also announced it would close 900 stores over three years, citing “changes in population, consumer purchasing patterns, and future health needs.”
CVS Health bought Target's pharmacy and clinic business was approximately $1.9 billion in 2015. The first contract introduced 1,672 pharmacies.
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