CVS Health (NYSE:CVS) stock is on the move Thursday after the company announced plans for a hefty number of store closings.
Let’s dive into that latest CVS stock news below!
- As part of a change to its retail strategy, CVS plans to close a total of 900 locations.
- The company says that it plans to start these closures in Spring 2022.
- This will have it shutting down 300 stores a year for the next three years.
- The company says the goal behind this is realigning its store density and locations in certain areas.
- So what does that mean for employees working at CVS stores?
- According to the company, it will work with them to find “roles in other locations or different opportunities as part of its overall workforce strategy.”
Karen Lynch, president and CEO of CVS Health, said the following in the news release moving the company’s stock today.
“Our retail stores are fundamental to our strategy and who we are as a company. We remain focused on the competitive advantage provided by our presence in thousands of communities across the country, which complements our rapidly expanding digital presence.”
The CVS store closings news comes alongside several other changes at the company. That includes the introduction of new executives and an overall push into the digital marketplace. With that also comes an update to the company’s Q4 2021 guidance. Investors in CVS stock can find all of those details at this link.
CVS stock is up 2.9% as of Thursday afternoon and is up 25.4% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.