SAN JUAN, Puerto Rico—CVS Health said Monday that it has reached an agreement to sell its retail drugstores in Puerto Rico to Caribe Pharmacy Holdings.
In an email to The Associated Press, CVS Health said the deal involving 22 of its pharmacies would be completed in April and that the buyer plans to continue all operations and retain all employees.
A spokeswoman said the company is not releasing financial details of the transaction. The purchaser, Caribe Pharmacy Holdings, owns Farmacias Caridad.
The company said its decision to leave the U.S. territory “was based on multiple factors, including local market dynamics and population shifts.”
CVS Health said the island’s sole specialty pharmacy location would continue to operate in Puerto Rico and that another is under construction.
In November 2021, CVS Health announced it would close hundreds of stores over the next three years following an analysis of population changes, customer buying patterns and future health needs.
