CVS closes 900 stores
The closures will cost the company around $ 1 billion in the fourth quarter of 2021. Affected employees will be offered jobs in nearby locations.
Neil Saunders, retail industry analyst and managing director of GlobalData, said in a note to investors that the closures are a result of CVS having “too many overlapping locations” and the state of dilapidation of its stores which “pushed some of them down.” spiral of irrelevance. “
âToo many stores are stuck in the past with poor lighting, depressing interiors, messy merchandising and a poor assortment of products. These aren’t destinations or places people go out for anything other than necessity,â he said. Saunders said.