Agreement Reached with Caribe Pharmacy Holdings
SAN JUAN, Puerto Rico – CVS Health has announced a deal to sell its retail drugstores in Puerto Rico to Caribe Pharmacy Holdings. The agreement, involving 22 pharmacies, is set to be finalized in April. The buyer has committed to maintaining all operations and retaining current employees.
A CVS Health spokeswoman confirmed that the company would not disclose financial specifics of the transaction. Caribe Pharmacy Holdings, the purchaser, is the owner of Farmacias Caridad.
The decision to exit the U.S. territory was motivated by various factors, according to CVS Health, citing local market dynamics and population shifts. Despite this move, the company plans to keep its specialty pharmacy location in Puerto Rico operational, with another under development.
In a related development, CVS Health had previously announced the closure of several stores over the next three years, driven by an assessment of changing demographics, customer behavior, and future healthcare demands.
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