CVS is closing it’s doors…
It now appears that major drugstore chain CVS is planning to close more than 900 stores over the next 2-3 years which accounts for around 10% of all of its stores nationwide.
As of 2018, CVS has 9,967 stores nationwide and they were struggling to maintain revenue.
The drugstore chain claims to be pivoting away from retail and moving more into health care services.
According to USA Today, CVS released in a statement, “The company is committed to offering impacted colleagues roles in other locations or different opportunities as part of its overall workforce strategy.”
The closures will begin between March-June of 2022.
The list of which locations will be close down first has not been released.
CVS spokesperson T.J. Crawford alerted that the company will take into consideration several factors including “local market dynamics, population shifts and store density” when deciding what stores to close.
CVS has been plagued by issues such as Amazon pharmacy and other digital competition which has contributed to their poor business sales.
CVS CEO Karen Lynch stated, “Our retail stores are fundamental to our strategy and who we are as a company. We remain focused on the competitive advantage provided by our presence in thousands of communities across the country, which complements our rapidly expanding digital presence.”