CVS Health signaled it may close more stores, even as it redesigns some of its locations to focus more on health services Tuesday at the company's investor day.
CVS Pharmacy President Kevin Hourican said CVS will "closely evaluate" its options for 500 leases every year.CVS in May said it would close 46 underperforming stores.will close some unprofitable locations as it redesigns about 15% of its 9,800 stores to focus more on health services, a top executive said at the company's investor day meeting in New York on Tuesday.
"We will also close stores," he said, noting that CVS closed "a couple hundred" in the past few years after the company stopped selling cigarettes in 2014 and lost the bulk of sales there. Leases on roughly 500 locations come up for renewal every year and are regularly reviewed to see how profitable they are, he said.
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