Pedestrians walk by a CVS store on November in San Francisco, California.
Justin Sullivan | Getty Images
CVS Health will close 22 "underperforming" drugstores early next year in addition to the 46 stores it shuttered earlier this year, the company said Wednesday in a regulatory filing.
Details of the locations of the stores weren't immediately disclosed. The company recorded a $96 million impairment charge on its third-quarter earnings related to the 22 stores. It recorded a $135 million charge in the first quarter related to the 46 stores it closed during the second quarter.
Amid upheaval in the industry, CVS executives have said they do not expect "meaningful" store closures.
"When our leases are up for renewal ... we will evaluate each and every single one of those locations to determine the best possible outcome for the overall environment from a profit improvement perspective," CVS Pharmacy President Kevin Hourican said in a June interview.
Still, drugstores are under threat as consumers buy more pharmacy items online and new competitors sell prescription drugs online. Rival Walgreens earlier this year said it would close 200 stores.
https://www.cnbc.com/2019/11/06/cvs-health-to-close-22-drugstores-next-year.html
2019-11-06 12:55:00Z
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