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CVS to Close 200 Stores and Three Industrial Properties

WOONSOCKET, RI-CVS Corp., which is headquartered here, will close 200 stores due to slowing sales. A spokesperson for the company, one of the country's largest drugstore chains, says that it is not yet clear where those closings will be.

By Naomi Grossman | Updated on October 31, 2001

WOONSOCKET, RI-Locally based CVS Corp. will close 200 of its stores, one of its distribution plants and one of its two mail-order plants. The company, one of the country’s largest drug store chains, had a 16% decline in its third quarter earnings and warned that fourth-quarter earnings would fall below expectations.

According to spokesperson Todd Andrews, the company is not releasing any details of store closures as of yet. In a taped message, he says the firm is not yet involved in discussions regarding the criteria for store closings. Details regarding the closings will be released by the end of first quarter 2002.

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