3 Major Drugstores Chains Closing Hundreds of Stores
Three major drugstores may be closing hundreds of locations over the next year.
Gone are the days of actually going to a store. It started before the coronavirus pandemic hit with fewer people shopping. Department stores began closing across the country. Now it's drugstores. Three major pharmacies are considering closing hundreds of locations across the country.
CVS is the largest drugstore in the country. The company has announced plans to consolidate and start a new company, called Cordavis, aimed at providing cheaper drugs for customers.
"The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business. As part of this initiative, CVS Health will reduce store density in certain locations and close approximately 300 stores a year for the next three years."
A number of CVS stores have already closed including one in Albany, New York. 900 more are expected to close by the end of 2024.
Walgreens Closing Stores
CVS isn't the only drugstore planning to close stores. Walgreens also plans to shut as many as 450 stores, 150 by the spring of 2024.
Walgreens has almost 9,000 locations in the U.S., including 250 in New York state. There are more than a dozen stores in the Syracuse area and over a half dozen in Utica/Rome.
Rite Aid Closing
Rite Aid may be following in Walgreens & CVS' footsteps. The company is considering filing Chapter 11 bankruptcy after raking up more than $3 billion in debt.
Rite Aid has 2,100 stores across the country, including 14 in Central New York. If the company decides to file bankruptcy 400 to 500 stores would be closing.
There is no word on what stores will close for any of the 3 major drugstore chains. Guess we'll just have to wait and see.