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CVS store closings

This article was originally published in The Rose Sheet

Executive Summary

Reorganization effort includes closing of 200 stores in first quarter as part of store consolidation program, according to an Oct. 30 1CVS announcement. Company also expects to close one of 10 distribution centers and 10 ProCare specialty pharmacy stores, CVS adds. Reorganization effort also will include expense management, including staff reductions related to the closing. CVS announced initiative as drug chain's third quarter net earnings fell 16% from the year-ago period to $123.7 mil. due to a lack of new drug introductions and growth in mail-order prescriptions. Net sales for the quarter were up 10.1% to $5.4 bil...
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