What's happening? The pharmacy chain CVS reached a definitive agreement with Caribe Pharmacy Holdings, the owner of Farmacias Caridad, to sell its assets in Puerto Rico.
While the transaction is completed, Caribe Pharmacy Holdings will operate the CVS locations on the Island.
What happened to CVS? The company decided to sell its assets in Puerto Rico as part of a strategic reorganization plan.
The plan calls for the closure of about 900 locations in the United States and other jurisdictions between 2022 and 2024.
CVS operates 22 locations in Puerto Rico and arrived on the island 14 years ago.
Farmacias Caridad: Farmacias Caridad currently has about 15 locations, mainly in the metropolitan area. Its presence on the Island will grow after the acquisition of the CVS stores.
A bit of history: Farmacias Caridad was founded in 1981 by the Yassin family, of Arab origin.
Its first location opened at Plaza del Carmen Mall in Caguas.
In 2022, the local chain was acquired by certified public accountant Gilberto Del Valle Martínez, who also owned Pharmamax, a pharmacy chain in western Puerto Rico.
They currently have 27 locations (15 Caridad, 10 Pharmamax and 2 Seasons by Caridad)
Caridad/Calidad: Farmacias Caridad locations offer, in addition to pharmacy services, perfume, seasonal merchandise, jewelry, toys, household and cleaning products, and more.
These are the same types of products carried by pharmacy chains such as CVS and Walgreens.
Seasons by Caridad locations offer the same as a Farmacia Caridad, but without the prescription counter.
This content was translated with the assistance of Artificial Intelligence (AI).
