A massive retailer is now closing stores inside Target, part of a plan to reduce its density after already shuttering several locations.
CVS said this week that it plans to close some pharmacies that are located inside Target stores.
The pharmacy closures will begin in February and be completed by the end of April, a CVS spokesperson confirmed to Retail Dive.
The closures are part of CVS’ plan to realign its national retail footprint and reduce store and pharmacy density.
Employees affected by the Target store-in-store closures will be offered comparable roles within the company.
Unfortunately, CVS declined to identify the locations slated for closure.
However, the pharmacy retailer did state that it has about 1,800 locations inside Target stores.
Prescriptions at closing locations will be transferred to a nearby CVS Pharmacy, the company said.
CVS acquired Target’s pharmacy business in 2015.
The deal was worth a whopping $1.9 billion, The Wall Street Journal reported.
The partnership was “a significant shift” in Target’s business model, CEO Brian Cornell said in a blog post at that time.
Rather than invest its own resources into in-store healthcare, the company instead chose to rely on “an expert partner” which gave Target the bandwidth to focus on growing its overall wellness business, the company said.
“The closures are part of our plan to realign our national retail footprint and reduce store and pharmacy density and are based on our evaluation of changes in population, consumer buying patterns and future health needs to ensure we have the right pharmacy format in the right locations for patients,” CVS spokesperson Amy Thibault said in an email.
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Other Economy News Today
A beloved retailer is now at high risk of bankruptcy due to a massive debt load and after struggling to make on-time payments.
According to Creditsafe Head of Brand Ragini Bhalla, hobby retailer Joann has been late in paying its bills, something which often foreshadows a bankruptcy filing.
“Creditsafe data shows that Joann struggled to make on-time payments in the second half of 2023. For most of that time, about 20% to 31% of its bills were paid late (1-30 days), while about 1% to 8% of its bills were paid late (31-60 days),” he shared.
“Sales have also been falling.”
“Given the struggles JoAnn has had with cash flow, its inability to stay current with many of its bills, its declining sales in FY 2023, and its $1 billion debt load, our Creditsafe algorithm has classified the company as a high risk of becoming seriously delinquent on payments and could be headed for bankruptcy very soon.
Without strong leadership (still no permanent CEO), it could be hard to right the ship,” he said in an email.
Net sales declined by 4.1% compared to the same period last year to $539.8 million with total comparable sales decreasing 4.1%, the company shared in its fourth-quarter earnings report.
Joann’s interim leaders, as all executives do in this situation, tried to paint a positive picture.
“We are pleased with our third quarter results and importantly, have increased our top line full-year outlook.
Our third quarter appeared to focus on operational retail fundamentals with an agile, data-driven approach helping us to win in our core categories, while over-delivering on the implementation and execution of our Focus, Simplify and Grow cost-savings initiative,” Chief Customer Officer Christopher DiTullio said during the Q3 earnings call.
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Also Read: A US Company Now Declares An Unexpected Bankruptcy
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