Photo: Getty Images
CVS is reportedly planning to shut down 271 locations nationwide in 2025 as part of its latest round of cuts in a downsizing effort, according to Newsweek.
CVS hasn't publicly disclosed a full list of planned closing locations or exact closure dates but a company spokesperson told Newsweek that the decision was based on several factors including, "population shifts, consumer buying patterns, store and pharmacy density, pharmacy care access, and community health needs." The spokesperson also confirmed that the closures were part of an "enterprise-wide restructuring plan," which aimed to simplify the company's business model and generate more than $500 million in annual savings.
The upcoming closures follow the shuttering of approximately 900 CVS stores between 2022 and 2024, as well as 2,900 jobs cut in an effort to slash costs.
“We’ve embarked on a multi-year initiative to deliver $2 billion in cost savings by reducing expenses and investing in technologies to enhance how we work,” a spokesperson said in a statement obtained by CNN in October.
“Impacted positions are primarily corporate roles. The reductions will not impact front-line jobs in our stores, pharmacies and distribution centers,” the spokesperson added at the time.
CVS is also aiming to open smaller drugstores that only have pharmacies with limited over-the-counter purchases.
“The new pharmacies will be introduced in select neighborhoods to help bridge gaps in care and make it easier for patients to access medications, immunizations, and other pharmacist-provided health care services,” a CVS spokesperson said in March via the New York Post.