Schnuck Markets Finalizes Agreement to Sell Division to CVS Pharmacy
WOONSOCKET, RI - Recently, we reported Schnucks Market had acquired Mahomet IGA. It appears the retailer hasn’t lost its momentum as news reports Schnucks recently closed an agreement with CVS Pharmacy. CVS Health Corporation and Schnuck Markets announced that CVS has acquired Schnucks retail and specialty pharmacy businesses.
“As Schnucks continues to expand our emphasis on health and wellness, this collaboration with CVS is an opportunity for us to align with a company that has a similar focus,” said Todd Schnuck, Chairman and Chief Executive Officer of Schnucks. “This partnership allows us to continue to provide quality pharmacy services to our customers in a manner they’ve come to expect while supporting our mission to nourish people’s lives. It also provides our pharmacy teammates an opportunity to further their careers with a premier retail pharmacy chain.”
According to CVS Pharmacy’s press release, CVS and its subsidiaries will acquire and operate 99 of the grocer’s pharmacies and will rebrand them as CVS Pharmacy. Additionally, CVS Pharmacy and its subsidiaries will acquire the prescription files from 11 Schnucks pharmacies and transfer them to nearby CVS Pharmacy locations.
With consumers nowadays focusing more on wholistic health—with fresh produce front and center—having the convenience of a retail pharmacy will aid in retaining shopper loyalty. This strategic relationship brings together one of the leading grocers in the Midwest region with CVS Pharmacy’s innovative pharmacy services and clinical expertise to enhance the overall health care experience and continue to provide a convenient option for Schnucks customers. The relationship also provides CVS Health with a capital-efficient way to expand into key areas.
“We have great admiration for Schnucks and believe CVS Pharmacy can bring additional clinical services to its customers. One of CVS Health’s strategic imperatives is to Be Local. By opening CVS Pharmacy locations within Schnucks stores, we’re increasing access to high-quality care and meeting customers where they are. Schnucks is a best-in-class grocer and we’re honored to partner with them to bring our best-in-class pharmacy capabilities to its customers,” said Jon Roberts, Executive Vice President and Chief Operating Officer, CVS Health.
The transaction is expected to be completed by the end of the second quarter and is subject to customary closing conditions.
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