CVS Health Corp. has closed three pharmacy outlets in the Twin Cities this spring as part of a broader move to close underperforming stores across 16 states.
CVS closes two stores in Minneapolis, one in Brooklyn Park
The firm announced 46 closings earlier in May.
May 8, 2019 at 3:01AM
The decision, announced earlier this month by the Rhode Island-based health care company, was based on a review of lease obligations, financial performance and other factors at each of the 46 stores. Eva Boratto, the company's chief financial officer, described the stores as "underperforming retail pharmacy locations"during a conference call with investors.
While CVS did not disclose details on the locations being closed, USA Today last week reported a list of the stores including two in Minneapolis and one in Brooklyn Park. The Star Tribune confirmed the closures with calls to the Twin Cities stores, where callers are hearing messages that explain the pharmacy is no longer in operation and told about nearby CVS outlets.
The Minneapolis locations were at 1110 Hennepin Av. and 2426 W. Broadway Av. The Brooklyn Park location was at 7996 Brooklyn Blvd.
"All of those stores closed on April 2," a CVS spokeswoman said in an e-mail.
CVS Health Corp. is one of the nation's largest pharmacy operators with more than 9,900 retail locations. At the end of 2017, the company operated 61 retail stores in Minnesota and 75 pharmacies within Target stores in the state, according to a regulatory filing.
During the first quarter, CVS Health recorded a "store rationalization charge" of $135 million.
Last year, Target announced it would be closing this year a Target store in Brooklyn Center that included a CVS pharmacy. The closure was scheduled for February and callers to the pharmacy's old number are being redirected to another CVS Pharmacy in the area.
Christopher Snowbeck • 612-673-4744 Twitter: @chrissnowbeck
The massive pharmaceuticals distributor said it is offering employees severance. It plans to begin layoffs on March 3.
