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CVS Plans To Close 900 Stores In The Next 3 Years

WOONSOCKET, R.I. (CBS) -- CVS announced Thursday it is planning to close about 300 stores per year over the next three years, while increasing its offering of health services. The closures will start in spring of 2022.

The Woonsocket-based chain said it "needs to ensure it has the right kinds of stores in the right locations for consumers and for the business." CVS said it will commit to offering affected employees jobs in other locations or different opportunities.

"Our retail stores are fundamental to our strategy and who we are as a company," CVS Health CEO Karen Lynch said in a statement. "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."

A list of stores slated to close has not yet been released.

CVS said it will be creating new store formats to "serve as community health destinations," including locations dedicated to offering primary care services.


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