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WOONSOCKET, R.I. and SULPHUR SPRINGS, Texas — CVS/pharmacy and Medicine Chest Pharmacy announced on Friday that CVS will acquire 19 Medicine Chest drug stores in Texas during the last weekend of December.
Financial terms of the deal were not disclosed.
CVS/pharmacy will operate nine of the acquired locations and relocate 10 other Medicine Chest pharmacies into nearby existing CVS/pharmacy locations. Medicine Chest will continue to operate its remaining 10 locations.
"CVS/pharmacy is committed to helping people on their path to better health in our more than 550 Texas locations. 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. We look forward to working with our new colleagues and taking care of our new customers' pharmacy needs," stated Laura Underwood, area VP for CVS/pharmacy.
"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," added Chad Michel, COO of Medicine Chest Pharmacy. "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. Prescription and insurance information will be available at CVS seamlessly, with no interruption of services."
Medicine Chest historically operated 26 retail stores and three long-term care pharmacies all in Texas. The company will continue to own and operate seven retail pharmacies located in Clarksville, Mt Vernon, Quitman, Tyler, Orange and Bryan, Texas. The company — through its three long-term care pharmacies located in Houston, Sulphur Springs and Bryan — will continue to provide service to long-term care facilities, including nursing homes and assisted living facilities throughout Texas.