Drugstore chain plans 900 store closures

CVS plans to close about 900 stores over the next three years, reflecting nearly 1 in 10 of its locations, as the drugstore chain continues its pivot away from retail and toward health care services.

The company announced Thursday that it would shutter 300 stores per year for the next three years.

“The company is committed to offering impacted colleagues roles in other locations or different opportunities as part of its overall workforce strategy,” CVS said in a statement.

The closures will begin in spring 2022.

A list of locations poised to close was not immediately available.

CVS spokesperson T.J. Crawford said the company would decide which locations to close based on “a number of factors,” including “local market dynamics, population shifts and store density” as well as “ensuring Aetna and Caremark coverage, and the needs of underserved communities.”

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