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The former CVS store at 1735 S. Glenstone Ave. is now listed for lease.
Photo courtesy SVN Rankin Co. LLC
The former CVS store at 1735 S. Glenstone Ave. is now listed for lease.

Shuttered Springfield CVS among 46 stores with same fate

Posted online

CVS Health Corp.’s (NYSE: CVS) recent store closure in Springfield is one of 46 pharmacies slated to get the axe in the second quarter.

In its recent quarterly earnings report, CVS officials said results were impacted by “a $135 million store rationalization charge recorded during the first quarter of 2019, primarily related to operating lease right-of-use asset impairment charges in connection with the planned closure of 46 underperforming retail pharmacy stores.”

USA Today recently published a list of the impacted stores, though a CVS spokesperson could not be reached to confirm it. The Springfield store at 1735 S. Glenstone Ave. is the only Missouri location on the list.

The local CVS store, reportedly the company’s largest worldwide, closed April 1. The 74,500-square-foot building on 7 acres has been listed on the market for lease at a base rent of $28,000 per month, according to the listing posted by Mike Fusek of SVN Rankin Co. LLC. It’s owned by SCP 2006-C23-089 LLC, care of CVS, and has an appraised value of $2.1 million, according to Greene County assessor records.

In its first-quarter report, CVS posted a 43% increase in net income to $1.4 billion. The company has over 9,000 retail stores, according to a news release.

CVS shares were trading at $56.14 as of 9:51 a.m., compared with a 52-week range of $51.77 to $82.15.

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