CVS says it will close nearly 1,000 stores over the next three years

Part of company’s “omnichannel health strategy."

Updated: November 20, 2021 - 12:09pm

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Drug store chain CVS announced this week its plans to close nearly 1,000 stores over the next three years, a move the company said was part of a broader business and healthcare strategy.

The chain “will reduce store density in certain locations and close approximately 300 stores a year for the next three years,” the company said in a statement Thursday. "The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business." 

CVS is the largest drugstore chain in the country by a considerable margin; industry reports estimate it comprises upwards of 10,000 locations, while its closest competitor, Walgreens, runs just over 9,000. 

The closures will begin in the spring. Employees who lose their jobs at shuttered locations will be offered "roles in other locations or different opportunities as part of its overall workforce strategy."