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CVS announced Thursday that it will close dozens of Target stores nationwide.
A CVS spokesperson said: CNN The decision to close some stores was “based on an assessment of changes in the population, consumer purchasing patterns and future health needs to ensure the right pharmacy format in the right location for patients.” Stated.
The chain said employees affected by the closure will be offered “comparable” new positions within the company. The closure is scheduled to begin in February and end in April.
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CVS acquired Target Pharmacies and Clinics in a $1.9 billion deal in 2015, adding more than 1,660 new pharmacies to the chain’s store index, now estimated at about 9,000 stores.
The chain said it has not yet disclosed which stores will close.
CVS will cut 5,000 “non-customer-facing” positions in August 2023, and the layoffs are expected to continue this year.
Related: How Mark Cuban changed CVS and the pharmacy business
Chain disclosed in In November 2021, the company announced plans to close 900 stores by the end of 2024.
“Our industry is evolving to adapt to new consumer health needs and expectations.As part of companies’ efforts to reprioritize care delivery and technology investments, spending “We must take difficult steps to reduce this,” the company said at the time.
CVS was down more than 13.5% year over year as of Friday afternoon.
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