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"The company has been evaluating changes in population, consumer buying patterns and future health needs to ensure it has the right kinds of stores in the right locations for consumers and for the business," according to the news release.
"As part of this initiative, CVS Health will reduce store density in certain locations and close approximately 300 stores a year for the next three years."
Approximately 300 stores will close each year for the next three years, said the drug store chain.
CVS has 10,000 stores in the US. The changes will begin in Spring 2022.
According to CNN, the closures will cost CVS Health approximately $1 billion in the fourth quarter of this year.
CVS Health has not released the names of stores expected to close.
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