CVS Acquires Doc's Drugs
CVS Pharmacy has purchased Doc’s Drugs, a regional pharmacy chain in Illinois. The deal is expected to close mid-to-late July, and all 14 Doc’s stores will be converted to CVS locations. The two companies say that they expect all 200 Doc’s employees to keep their jobs. Doc’s President Anthony Sartoris says the acquisition is a “win-win” for everyone involved, citing a “wider variety of products and services” than what Doc’s Drugs was able to offer on its own.
Total Retail’s Take: As Rite Aid and Walgreens try to win regulatory approval for their merger, CVS is expanding its footprint. Rite Aid may have to sell off up to 1,200 of its locations to Fred’s for the Federal Trade Commission to allow the merger with Walgreens to gain FTC approval. In the meantime, CVS is jumping on the opportunity to expand in different markets.