CVS to close dozens of Target pharmacy locations
CVS Health Corp. plans to close dozens of its locations in Target discount stores as the drugstore chain grapples with rising costs in its pharmacy business.
A number of CVS’s 1,800 pharmacies in Target stores will be closed between February and April, a CVS spokesperson said, without specifying the exact count.
The closures are part of a plan to “realign our national retail footprint and reduce store and pharmacy density,” the spokesperson said.
The biggest U.S. drugstore chain, CVS has been cutting costs and warned investors back in August that rising expenses in its pharmacy and insurance businesses will take a toll on profit over the next two years. Last year, the chain also implemented a restructuring plan to streamline operations and reduce costs, which included eliminating 5,000 non-customer-facing positions.
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