CVS Health is closing 46 stores — here's the list
- CVS Health closed 46 underperforming stores in 16 states in April, the company told Business Insider.
- The pharmacy chain, which is the largest in the US, has more than 9,900 stores.
- CVS announced the closings as it reported a 35% year-over-year increase in first-quarter revenues to $61.6 billion.
CVS Health closed 46 stores across 16 states in April, the company told Business Insider on Thursday.
"This decision was made after a thorough review of each store's lease obligations and financial performance, among other factors," a company spokesperson said.
The company said customers' prescriptions have been transferred to nearby CVS Pharmacy locations and that it is working to place impacted employees at other stores.
In regulatory filings, CVS said it made the decision to close underperforming locations as part of a "store rationalization" plan.
"During the three months ended March 31, 2019, the company performed a review of its retail stores and determined it would close 46 underperforming retail pharmacy stores during the second quarter of 2019," the company said.
The closings represent a small percentage of CVS' stores, which totalled more than 9,900 locations as of March 31:
The company said the planned closings would cost about $135 million.
CVS first disclosed plans to cose 46 stores on Wednesday, as it reported a 35% year-over-year increase in first-quarter revenues to $61.6 billion.
"We generated strong first quarter results, providing positive momentum to start the year," CVS president and CEO Larry Merlo said in a statement. "Following the close of our Aetna acquisition in late November, our first full quarter of combined operations was a success in many ways. In the quarter we continued to advance our integration efforts while beginning to launch new innovations such as our HealthHUB concept stores."
USA Today's Nathan Bomey obtained the following list of most of closed stores.
- Zara is part of the biggest fashion company in the world. Meet the other brands it owns.
- Amazon is promising one-day Prime shipping — but skeptical customers are sounding the alarm
- McDonald's CEO explains why the chain hasn't added a veggie burger to the menu yet, as Burger King prepares to launch the Impossible Whopper nationally