CVS to close stores and create new formats in health push

CVS Health will close 900 stores over three years and launch new formats as part of its strategic push to create health destinations in the communities it serves.

The retailer, which operates over 9,000 locations, said in a release that it has evaluated “changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations.” This analysis led CVS to the decision that it was overstored in some areas. The chain plans to shutter around 300 locations a year over the next three years.  It will take an impairment charge in the fourth quarter of between $1 and $1.2 billion to write down associated costs.

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RSK: Check out the comments below the article. Didn`t think CVS was a major player? Well, guess again...they are buying Aetna Insurance.