From CNBC:

CVS Health plans to close select pharmacies inside Target stores in the U.S. The closures will begin in February and finish by the end of April. No specific number of stores was disclosed, but it was reported that CVS would close “dozens” of locations. This decision is part of CVS’s effort to reduce its retail footprint.

CVS operates 9,000 pharmacy locations nationwide, with a pharmacy in about 1,800 of Target’s 1,956 stores in the U.S. The decision to shutter the stores is based on evaluation of changes in population, consumer buying patterns, and future health needs. In 2021, CVS said it would close around 900 stores between 2022 and 2024.

The closures also come after pharmacy staff from CVS and other drugstore chains walked out in the fall to protest harsh working conditions. CVS has told CNBC that the company is engaging with staff to directly address any concerns that they might have.

CVS deepened its push into the healthcare industry with acquisitions of health-care provider Signify Health and Oak Street Health, but also launched a cost-cutting program with plans to layoff 5,000 employees.

The company’s decision to close select pharmacies inside Target stores is in line with its transformation from a major drugstore chain into a large health-care company. Employees affected by the closures will be offered comparable roles within CVS, and prescriptions will be transferred to a nearby CVS pharmacy before a location closes. Target declined to comment on the closures or share plans for the closed CVS locations.



Read more: CVS to close ‘select’ pharmacies in Target stores in the coming months