CVS Health has reached an agreement to sell its retail drugstores in Puerto Rico to Caribe Pharmacy Holdings, according to reporting from the Associated Press.
In an email to the AP, CVS 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.
Financial details of the transaction have not been released.
The company told the AP its decision to leave the U.S. territory “was based on multiple factors, including local market dynamics and population shifts.”
CVS said the island’s last remaining specialty pharmacy location would continue to operate in Puerto Rico. Another pharmacy location for the area is also under construction, the retailer said.
The retailer first announced in November 2021 that it would close 900 locations by 2024 due to a decline in sales and a rise in online shopping.