CVS Health to close hundreds of drugstores

CVS Health volition adjacent hundreds of drugstores implicit the adjacent 3 years, arsenic the retail elephantine adjusts to changing lawsuit needs and converts to caller store formats.

The institution said Thursday that it volition adjacent astir 300 stores a twelvemonth for the adjacent 3 years arsenic it looks to trim store number density successful immoderate locations.

The full of astir 900 amounts to astir a tenth of the astir 10,000 retail locations CVS Health operates. The institution besides sells security and runs medicine cause plans for large clients similar insurers and employers.

The institution expects to instrumentality an impairment complaint of betwixt $1 cardinal and $1.2 cardinal successful the 4th fourth for the closures. That complaint won’t impact the company’s net forecast.

Drugstore chains similar CVS and Walgreens built thousands of locations astir the state to get person to user homes. But successful caller years, the explosive maturation of online buying has blunted the request for specified in-person convenience.

Shares of Woonsocket, Rhode Island-based CVS Health Corp. roseate somewhat Thursday greeting portion broader trading indexes dipped.