Headlines

CVS Plans to Close 70 Stores

Store closures are part of its 3-step plan to save $3 billion

Published

7 years ago

December 16, 2016

CVS Health (Woonsocket, R.I.) announced that it will close 70 stores next year as part of its three-step plan to streamline its business and save approximately $3 billion between 2017 and 2021.

Closing these stores will save the company about $265 million. In total, the company expects to reap the bulk of its savings (about two-thirds) from various changes in its retail/long-term care business, while the final third is expected to come from changes in its pharmacy benefits manager category. It will do that, in part, by redistributing various aspects of its pharmacy workload, reports Chain Store Age.

Details were not yet available regarding which stores will be closed as a part of this cost-saving plan.

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