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CVS Health closes 22 pharmacies next year



Pedestrians walk past a CVS store November in San Francisco, California.

Justin Sullivan | Getty Images

CVS Health will close 22 "underperforming" pharmacies 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 store's location were immediately revealed. The company had a $ 96 million write-down on revenues in the third quarter related to its 22 stores. It recorded a $ 1

35 million expense in the first quarter related to the 46 stores it closed in the second quarter.

"We believe these decisions will provide improved performance over the longer term," CVS CFO Eva Boratto told analysts on Wednesday during a third-quarter review. "Our imprint for real estate was still very productive and we will look for opportunities to improve the performance of our portfolio."

Pharmacy is under threat as consumers buy more pharmacy products online and new competitors sell prescription drugs online. Rival Walgreens earlier this year said it would close 200 stores. In the midst of the upheaval in the industry, CVS executives have said they do not expect "meaningful" store closures.


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