CVS Pharmacy’s closing hundreds of stores in 2024… Thousands of businesses warn they’re at risk of closing

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The retail landscape in America is witnessing a significant shift as CVS, one of the nation’s largest pharmacy chains, plans to close over 300 locations in 2024. This move is part of a broader strategy to shutter nearly 900 stores by the end of next year, reflecting changes in consumer behavior, population dynamics, and ongoing legal challenges related to opioid settlements.

Key Points

  • CVS plans to close over 300 locations in 2024.
  • The closures are part of a broader plan to shutter approximately 900 stores.
  • CVS has already closed about 600 stores since 2022.
  • The closures are based on changes in population, consumer buying patterns, and future health needs.
  • CVS must pay $5 billion over 10 years as part of opioid-related settlements.
  • Over 5,000 employees will be displaced by the closures.
  • Affected employees will be offered equivalent positions at other locations.
  • The closures mark a significant shift in CVS’s business strategy.
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Nearly 20,000 businesses have warned they’re at risk of closing if President Joe Biden is elected to a second term.
In a new report from RedBalloon and PublicSquare, nearly half of the 80,000 small businesses surveyed said they “definitely” or “probably” will not survive another four years with Biden.

“There is nothing I can afford to do in addition to what I’m already doing. If things don’t change, I’ll be finished,” one business owner said in the report.
Already, businesses are making moves to preserve their cash flows. Four in 10 now said they are delaying paying bills while a whopping seven in 10 have put all staffing plans on hold, the survey found.

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“It’s been a difficult three years for America’s small businesses,” Michael Seifert, PublicSquare CEO, said in the report. “While many inside the Beltway may feel like things are good, that isn’t translating to Main Street America—the frontlines of our small business economy.”

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