CVS now plans to close a whopping 300 stores as the pharmacy chain tries to avoid bankruptcy, as seen with Rite Aid.
Ever since the pandemic, several pharmacy chains have felt big hits in sales.
This year alone, CVS is planning to close a whopping 300 stores.
One of the latest ones that is set to shutter is its location in Moline, Illinois, according to a report from local ABC outlet WQAD-TV.
With the closure, CVS will have six pharmacies remaining in the Quad Cities, which is a region in Iowa and Illinois, reports The-Sun.
“All prescriptions will be transferred to the nearby CVS Pharmacy at 2617 18th Ave in Rock Island to ensure that patients continue to have uninterrupted access to pharmacy care,” CVS told WQAD in a statement.
While CVS did not reveal a specific reason why its 2250 41st Street location will be closing, the company takes into consideration multiple factors.
This includes maintaining access to services, market dynamics, population changes, and store density generally when making decisions on stores.
The store is set to close for good on November 29.
This month, CVS is set to close two more stores.
This includes a location on New Road and North Valley Mills Drive in Texas on October 26, according to a report from the Waco Tribune-Herald.
And another in downtown San Francisco, California will close on October 23, according to SF Gate.
This year, CVS has closed locations in Brookfield, Illinois; Des Moines, Iowa; Tallahassee, Florida; Kansas City, Missouri; Queens, New York; Houston, Texas; and Fairfax, Virginia.
CVS in late 2021 said it would close roughly 300 stores per year until 2024.
Other Economy News Today
A massive retailer has now survived Chapter 11 bankruptcy after the pandemic negatively impacted the business for over a year.
Party City has officially emerged from total bankruptcy after eliminating nearly $1 billion in debt and enhancing its liquidity.
“The covid pandemic put Party City in a difficult place.
People weren’t having parties, so the chain basically sold merchandise that wasn’t essential, or even relevant, to anyone.
That created a situation where the company, which was already struggling, burned through a lot of its cash reserves simply to survive.
And even when pandemic lockdowns ended, there was no major comeback for the chain.
People went back to having parties, but they did not go back to celebrate the events they missed,” reports TheStreet.
“Party City lost more than a year of birthdays, holidays, graduations and other celebrations, which forced the company into Chapter 11.
That process enabled the company to make needed changes to emerge and get back to its pre-pandemic business.”
In a press release, Party City said that it has completed its restructuring and emerged from Chapter 11 bankruptcy financially stronger and “well-positioned” for the future.
“Through its restructuring, PCHI has substantially strengthened its capital structure by eliminating nearly $1 billion in debt, enhanced its liquidity, and optimized its Party City store portfolio by having negotiated improved lease terms and exited less productive stores.
The company will move forward with nearly 800 Party City locations nationwide,” PCHI wrote.
Party City Chief Executive Brad Weston said he plans to step down as of Nov. 3 and will be succeeded on an interim basis by the chain’s president, Sean Thompson.
The company has emerged from bankruptcy with a new asset-based-loan facility of $562 million and $75 million in new investment to fund its ongoing operations, per reports.
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