CVS will close select Target pharmacies

CVS will be closing several pharmacies located inside Targets, reports CNN.

The Woonsocket, R.I.-based retailer said the move is part of its strategy to space out locations and based on the evaluation of changes in population, consumer buying patterns and future health needs to ensure the company has the right pharmacy format in the right locations for patients.

The select Target CVS pharmacies are expected to close between February and April.

CVS is coming off a solid third quarter where revenue jumped 10.6% and same-store pharmacy sales jumped 12% year over year.

However, CVS along with competitors Walgreens and Rite Aid have been hit hard with legal settlements over the last year. CVS was involved with a multistate opioid settlement with Walgreens that totaled $17.3 billion and a $6.5 million suit that accused the retailer of selling baby food and formula past their expiration date.

CVS announced in August it was laying off 5,000 workers. CVS CEO Karen Lynch said the decisions were necessary as the company evolves to adapt to new consumer health needs and expectations.

Between 2022 and 2024 CVS was expected to close a total of 900 stores.