CVS Pharmacy to sell 22 Puerto Rico stores, exiting market
CVS Pharmacy has entered into an agreement to divest its 22 retail pharmacies in Puerto Rico to Caribe Pharmacy Holdings, the parent company of Farmacias Caridad.
“We’re working closely with Caribe to ensure the transition will be seamless for customers and patients,” a CVS spokeswoman confirmed via email.
Upon completion of the transactions in April, Caribe will take ownership of the 22 CVS Pharmacy and CVS Pharmacy y Mas locations, including their prescription files.
“Caribe plans to continue operations at all store locations and, under the terms of the agreement, will employ all store employees following the sale,” the spokeswoman said.
“CVS Pharmacy’s decision to leave Puerto Rico was based on multiple factors, including local market dynamics and population shifts,” the company stated.
However, CVS Specialty Pharmacy locations will remain operational and continue to serve patients across the island.
CVS first expanded into the Puerto Rico market in 2010.
