CVS Health is planning to close dozens of pharmacies inside Target stores over the next few months, the company announced Thursday.
The pharmacy closures will begin in February and finish by the end of April, CVS spokesperson Amy Thibault said in a statement, according to the Wall Street Journal. The closures are “based on our evaluation of changes in population, consumer buying patterns and future health needs to ensure we have the right pharmacy format in the right locations for patients,” Thibault said.
It remains unclear exactly how many CVS Health pharmacies or which specific locations will be affected by the closures. CVS operates about 9,000 pharmacy locations nationwide, about 1,800 of which are located inside Target’s 1,956 stores across the U.S., CNBC reports.
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Employees at closing stores “will be offered comparable roles within the company,” Thibault said. Prescriptions at affected CVS Health pharmacies will be transferred to a nearby location before store closure, according to Thibault.
The cost-cutting move by CVS to shutter dozens of pharmacies comes months after the company announced in September it would be closing about 900 stores – or 10% of all locations – by the end of 2024. The CVS Pharmacy location in South Euclid, Ohio, closed Dec. 5 as part of those nationwide store closures.
Furthermore, CVS laid off 5,000 workers in August 2023 as part of the company’s efforts to reduce costs and focus on health services.
CVS, however, isn’t the only drugstore chain seeking to reduce costs. Rite Aid filed for bankruptcy in October 2023 and also announced it would be closing a number of stores, including four in Ohio.