Inside This Issue - News
Medicine Chest buy brings CVS more Texas locations
January 7th, 2013
WOONSOCKET, R.I. – CVS/pharmacy has acquired 19 of Medicine Chest’s 29 drug stores in Texas.
Executives say the company will keep nine of the stores open and absorb the others into nearby existing CVS locations. Plans call for Medicine Chest to continue to operate its remaining 10 stores.
Financial terms of the deal weren’t disclosed.
“By expanding our presence in the state through the acquisition of Medicine Chest’s high quality pharmacies, we will offer our customers greater convenience and access to our services,” says CVS area vice president Laura Underwood. “We look forward to working with our new colleagues and taking care of our new customers’ pharmacy needs.”
Meanwhile, Medicine Chest executives say they will shift their focus to the company’s long-term care business and a more narrow store base.
“Medicine Chest Pharmacy is proud to have served the Texas community since 1976, and it has been an honor to take care of our customers’ pharmacy needs over the years,” chief operating officer Chad Michel says. “As we continue to focus on our long-term care pharmacies and our remaining retail locations, we believe CVS/pharmacy is the right partner that will maintain the same level of quality care in those markets we have divested.”
“CVS has worked very hard to make a smooth transition for our customers and employees,” he adds.