Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

CVS is permanently closing hundreds of stores
The Street ^ | Jena Warburton

Posted on 09/26/2023 4:19:19 AM PDT by CFW

It's no secret that U.S. drugstore landscape has been consolidating at a jarring pace now that the pandemic has passed.

Rite Aid (RAD) - has been reportedly toying with the possibility of filing Chapter 11 bankruptcy and liquidating many of its stores. It currently has some $3.3 billion in debt. The proposed deal would permanently shutter 400 to 500 of the chain's current 2,100 stores and hand them over to creditors or other interested buyers.

With the the pandemic now firmly behind us and brick-and-mortar retail at a crawling recovery pace compared with more robust corners of the market, drugstores have been ripe for change and, perhaps inevitably, consolidation.

Walgreens (WBA) - recently parted ways with its intrepid covid-era chief executive, Rosalind Brewer, who abruptly left on Sept. 1. The drugstore is now seeking someone with "deep health-care experience to lead in today’s dynamic environment," according to Executive Chairman Stefano Pessina.

It's clear that if a U.S. drugstore isn't implementing change, change is being forced on it, and more often than not that spells trouble. And that's before accounting for the sharp spike in shoplifting and other retail crime, which has cut deeply into drugstores' bottom lines and forced some to either shutter or chain up frequently stolen goods.

(Excerpt) Read more at thestreet.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society
KEYWORDS: bankruptcy; chapter11; closings; crime; cvs; economy; layoffs; rad; retailcrime; riteaid; shoplifting; walgreens; wba
Navigation: use the links below to view more comments.
first previous 1-2021-4041-58 last
To: CFW

The government should complete the takeover of CVS and convert 1/4 of each location to liquor/beer/reefer sales, 1/4 for gun/ammo registration, 1/4 for migrant ID and grant distribution and keep the remaining 1/4 for drug dispensaries.


41 posted on 09/26/2023 7:09:13 AM PDT by MrBambaLaMamba (The only good commie is one that's dead - Country Joe McDonald)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Chuzzlewit

They make more money front store items


42 posted on 09/26/2023 7:11:11 AM PDT by wardaddy (Why so many nevertrumpers with early sign ups and no posting history till now? Zot them PTB)
[ Post Reply | Private Reply | To 11 | View Replies]

To: FarCenter

Yep

Has anyone mentioned Medicare drug plan and insurance companies determine what a pharmacy makes in prescriptions

They need front store sales

Indeed big box and groceries hurt them


43 posted on 09/26/2023 7:13:45 AM PDT by wardaddy (Why so many nevertrumpers with early sign ups and no posting history till now? Zot them PTB)
[ Post Reply | Private Reply | To 15 | View Replies]

To: CFW

One of my best pals is a stand alone drug store survivor with a loyal clientele and he’ll match anyone pricing

Good friend to have

In most countries outside the USA pharmacists are gateway illness docs essentially for antibiotics and mild wounds etc

You don’t go to docs office for the flu or strep throat

Aging drug nation

Top scripts

Pain
Amphetamine salts
Anxiety meds
Suboxone
Birth control

They try to maintain 50% non scheduled scripts


44 posted on 09/26/2023 7:17:53 AM PDT by wardaddy (Why so many nevertrumpers with early sign ups and no posting history till now? Zot them PTB)
[ Post Reply | Private Reply | To 1 | View Replies]

To: CFW

You can’t make any money when the local climate changlings from the school across the street do a cellphone inspired mob rush on the shelves of the store.


45 posted on 09/26/2023 7:21:48 AM PDT by FlingWingFlyer (And the invasion of America continues while the RAT Party worries about the Ukraine.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Rockingham

Their non-pharmacy lines of personal care and convenience merchandise seem stale and slow-moving due to better prices from other venues like Walmart and Target…
—————-

CVS recently signed a deal to put their pharmacies in Targets. The can focus on their profitable line and forget about the convenience store stuff.


46 posted on 09/26/2023 7:27:55 AM PDT by Vermont Lt
[ Post Reply | Private Reply | To 13 | View Replies]

To: CFW
re property taxes:.....totally out of our control as all good taxes are....

seriously thinking about getting a paper divorce so we can have one spouse with the poorer income own the house and get some kind of property tax relief...

in my area, they set a very low amt of income one can get to get property tax relief, and while taxes have gone up, up, up every year, that low income amt has not changed...its not been indexed to inflation like it should have been.

47 posted on 09/26/2023 7:41:56 AM PDT by cherry
[ Post Reply | Private Reply | To 1 | View Replies]

To: protoconservative

According to the latest conference call, they are projecting operating income of around $6.1 billion from health insurance plans, mostly Medicare Advantage and Medicaid, about $7.1 billion from pharmacy benefit management, and about $5.6 billion from retail. That looks pretty solid to me. GAAP earnings guidance is $8.60 a share for 2023.


48 posted on 09/26/2023 7:44:12 AM PDT by proxy_user
[ Post Reply | Private Reply | To 33 | View Replies]

To: tuffydoodle

Especially those that act like you’re bothering them and show distain for women.


49 posted on 09/26/2023 9:20:08 AM PDT by TribalPrincess2U (MURDER IS MYRDER)
[ Post Reply | Private Reply | To 4 | View Replies]


50 posted on 09/26/2023 10:00:23 AM PDT by SunkenCiv (Putin should skip ahead to where he kills himself in the bunker.)
[ Post Reply | Private Reply | View Replies]

To: All

about 10 years ago, cvs absorbed long’s drugstores (*).

iirc cvs jacked up prices, reduced selection, reduced quality, and replaced most of their longtime front line employees with new hires.

maybe this is a corporate form of karma.

(*) possible exception: hawaii


51 posted on 09/26/2023 5:49:21 PM PDT by SteveH
[ Post Reply | Private Reply | To 1 | View Replies]

To: CFW

bump


52 posted on 09/27/2023 7:35:50 AM PDT by EBH (America Blackmailed, The True Story of the World War...Coming Soon (1/21-))
[ Post Reply | Private Reply | To 1 | View Replies]

To: DUMBGRUNT

I’ll bet they do work hard. I have no complaints with the employees, just a complaint with the corporation, in that that socks, chips and t-shirts are more prevalent in drugstores these days than, well, drugs!


53 posted on 09/28/2023 4:17:52 AM PDT by Chuzzlewit
[ Post Reply | Private Reply | To 26 | View Replies]

To: CFW

Something is seriously going wrong at CVS since they cannot fill prescriptions of common medications. It seems they have been cutoff from suppliers.


54 posted on 10/01/2023 9:02:10 AM PDT by CodeToad (Arm Up! They Have!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: CFW

People have been saying this market is over saturated for a long time. Even before CVS’ major western expansion. Add in the fact that most insurance companies push their “customers” to mail fulfillment of prescriptions and you have a market that was going to “correct” one way or the other. Once upon a time my wife (asthmatic, lots of prescriptions) went to Walgreens 3 times a month, and we always had a “Walgreens list” going along side the grocery list. But now she’s all by mail, maybe goes to Walgreens once a quarter. We have at least twice as many drugstores in this country as any economy can support.


55 posted on 10/01/2023 9:11:43 AM PDT by discostu (like a dog being shown a card trick)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vermont Lt

“CVS recently signed a deal to put their pharmacies in Targets.”

Recently? Our only CVS locations are inside of Targets and have been since the Targets were built many years ago.


56 posted on 10/01/2023 9:15:52 AM PDT by steve86 (Numquam accusatus, numquam ad curiam ibit, numquam ad carcerem™)
[ Post Reply | Private Reply | To 46 | View Replies]

To: CodeToad

“Something is seriously going wrong at CVS since they cannot fill prescriptions of common medications. It seems they have been cutoff from suppliers.”

My husband recently had a standard medication at CVS that was on back-order for almost two weeks. Suppliers seem to only allow a certain amount of any particular drug to be ordered by a pharmacy each month. The manufacturing plant in NC damaged by a tornado might have had something to do with that. I’m not sure.

But CVS’s high prices (a lot higher than the neighboring Walmart) is not a good recipe for success. Hubby will have to eventually change his pharmacy. He has used this particular one for 50 years (it was originally a Revco Pharmacy) and just continues out of habit since all his pharma records are there.


57 posted on 10/01/2023 11:37:43 AM PDT by CFW (I will not comply!)
[ Post Reply | Private Reply | To 54 | View Replies]

To: CFW

My wife just changed to Wal-Mart from CVS today. Her common med was backordered again. Seems CVS might be having credit line issues.


58 posted on 10/01/2023 11:51:57 AM PDT by CodeToad (Arm Up! They Have!)
[ Post Reply | Private Reply | To 57 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-58 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson