CVS Health is closing 46 of its stores, saying the locations were “underperforming” as the drugstore chain continues to shift more of its retail presence toward health care services.
The move cost CVS about $135 million as a “store rationalization charge” in its first-quarter earnings report.
The cuts represent fewer than 1% of the about 9,600 CVS Pharmacy stores nationwide.
The closures, which happened over the last two months, include a 64,000-square-foot location in Springfield, Missouri, once described as the largest CVS in the world.
They also included four stores in Chicago, two in San Francisco and two in Minneapolis. (Scroll down to see the list.)
CVS CEO Larry Merlo told USA TODAY in November that the company plans to reduce floor space dedicated to retail products and instead begin offering more health care services.
For example, the company announced April 25 that it would add “hundreds” of teeth-alignment company SmileDirectClub’s shops within its stores.
CVS remains a solidly profitable business. The company expects to record an operating profit of between $11.8 billion and $12 billion this year.
Drugstore chains have not been immune to upheaval roiling the retail industry and the health care sector. CVS is bracing for the likelihood of Amazon’s entry into prescription drugs after the online giant acquired startup PillPack.
Here’s the list of the CVS locations that have closed in Illinois:
Chicago: 745 W 103rd St
Chicago: 175 W Jackson Blvd
Chicago: 1620 W 59th St
Chicago: 1550 N Kostner Ave
Lincolnwood: 7179 N Lincoln Ave
North Aurora: 1015 W. Orchard Rd.
South Barrington: 100 W Higgins Rd