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CVS Corporation announced on February 9, 1998, that it would be purchasing Arbor Drugs in a transaction estimated at $1.48 billion (~$2.58 billion in 2023), and creating the largest chain drug retailer in the process. [5] Although most Arbor Drug locations were converted to CVS, several of these stores were later shuttered by the CVS Corporation.
CVS Pharmacy Inc. is an American retail corporation. ... CVS bought 200 Arbor Drugs locations in 1998, opened approximately 180 new stores, closed about 160 stores, ...
CVS Health group president and executive vice president Prem Shah told Yahoo Finance that PBMs, used by a majority of Fortune 500 companies, endeavor to lower costs of branded drugs — yet just ...
In 2000, CVS acquired Stadtlander pharmacy from Bergen Brunswig Corporation, making CVS ProCare the largest specialty pharmacy in the U.S. at the time. [13] In 2001, CvS launched the ExtraCare loyalty card program. Within a year, 30 million customers enrolled to earn rewards and receive discounts. [7]
In July 2004, JCPenney sold the Eckerd chain to CVS Corporation and Jean Coutu Group for a total of $4.5 billion (~$6.96 billion in 2023). [10] CVS acquired 1,271 Eckerd stores, and support facilities, in Florida, Texas, and other Southern states, as well as Eckerd's pharmacy benefits management and mail order businesses, for $2.15 billion. [10]
Rite Aid was reported by multiple news outlets to be considering Chapter 11 bankruptcy in September 2023; the pharmacy chain was said to have been petitioning for closures of up to 400 or 500 stores. [251] [252] [253] On October 15, 2023, Rite Aid officially filed for Chapter 11 bankruptcy, announcing plans to close nearly 100 stores. [254]
Merlo began his career at Peoples Drug, and joined CVS Pharmacy in 1990, when Peoples was acquired by CVS.He served as senior vice president of stores (January 1994 to March 1998), Executive Vice President – Stores (March 1998 to January 2007), executive vice president of CVS Caremark (January 2007 to May 2010), president of CVS Pharmacy (January 2007 to January 2010), and chief operating ...
CVS Caremark was founded as MedPartners, Inc. in 1993 in Birmingham, Alabama by several local businessmen as a physician practice management (PPM) company. [1] HealthSouth, New Enterprise Associates, and Richard M. Scrushy stepped in to provide the company with early financial backing.
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