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WOONSOCKET, R.I. — According to published reports, CVS Health plans to close dozens of its locations in Target Corp. 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.
Prior to the closing of any impacted location, prescriptions will be transferred to a nearby CVS Pharmacy, the spokesperson said. Employees impacted by the closures will be offered commensurate roles elsewhere. The decision comes nine years after CVS bought Target’s pharmacy business for $1.9 billion.
