Over the last few years, brick and mortar stores around the nation have been shutting down left and right. Now, CVS is joining the list of companies that have closed the doors on several of their stores.
According to USA Today, CVS will be closing at least 46 of their stores. The company's executives said that the locations that are closing were "underperforming."
Additionally, this decision comes in a time when the company has been attempting to transition from a retail-heavy drugstore chain in order to focus more on health care services. The decision to close the 46 stores reportedly cost CVS around $135 million as a "store rationalization charge."
The largest stores in question are located throughout Chicago, San Fransisco, Springfield, and Minneapolis. However, there are several more closing (listed below). Out of the 9,600 CVS Pharmacy stores nationwide, this cut only represents fewer than 1%.
Last fall, CVS CEO Larry Merlo said that the company is hoping to focus less on retail products and more on health care services. This spring, they revealed that they would begin offering "hundreds" of SmileDirectClub's shops within their stores.
USA Today reported that while they are cutting dozens of their stores, CVS is still financially stable overall. They are expecting an operating profit of between $11.8 billion and $12 billion this year.
Below are the stores that are closing:
Huntsville, Mobile, Montgomery
Antioch, San Francisco (x2), Sun Valley
DISTRICT OF COLUMBIA:
Daytona Beach, North Fort Myers, Ocala, Palm Beach Gardens
Chicago (x4), Lincolnwood, North Aurora, South Barrington
Greenwood Lake, Staten Island
Brooklyn Park, Minneapolis (x2)
Brownsville, Copperas Cove, El Paso, Katy, Newport, Rio Grande City, San Antonio, Spring
Will any of these closures affect you? Let us know! In other recent news, First Lady Melania was glowing in a gorgeous lace dress during the National Prayer Dinner.