Agreement Reached with Caribe Pharmacy Holdings
SAN JUAN, Puerto Rico — CVS Health announced on Monday that it has finalized a deal to sell its 22 retail drugstores in Puerto Rico to Caribe Pharmacy Holdings. The transaction is set to be completed in April, with Caribe Pharmacy Holdings expressing its commitment to continue operations and retain all employees.
A spokeswoman for CVS Health mentioned that financial specifics of the agreement are not disclosed. Caribe Pharmacy Holdings, which already owns Farmacias Caridad, will now be expanding its presence in the region.
The decision by CVS Health to divest its Puerto Rican retail locations was attributed to various factors, such as local market dynamics and demographic changes. Despite this move, CVS Health clarified that the island’s specialty pharmacy will remain operational, with plans for a new location currently in progress.
In light of an earlier announcement in November 2021, where CVS Health revealed plans to shut down multiple stores over the next three years due to shifts in population, customer behavior, and anticipated healthcare demands.
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