CVS Caremark snaps up Kerr Drug stores in Charleston

WOONSOCKET, R.I. CVS Caremark is bolstering its presence in the Charleston, S.C., area by snapping up 11 Kerr Drug locations, seven of which will remain open under the CVS banner.

"CVS/pharmacy is committed to providing expert pharmacy care to the Charleston community. By expanding our presence through the acquisition of Kerr's high-quality Charleston stores, we will offer our customers greater convenience and access to our services," stated CVS spokesman Mike DeAngelis in a statement sent to Drug Store News.

The deal, which was finalized this month, calls for seven of the acquired stores to remain open under the CVS name, while the remaining four locations will be closed and consolidated into nearby CVS stores.

Most of the locations were existing Rite Aid stores that Kerr Drug acquired in 1997 as part of the buyout of Kerr Drug, Eckerd, and Rite Aid locations by the former JCPenney/Thrift Drug executives who still operate the privately-held company, Kerr Drug stated.

"Kerr Drug has made the strategic decision to leave the Charleston, S.C., area and concentrate our growth and investment in the continued development of our plans for leading-edge, comprehensive clinical care programs," stated Tony Civello, chairman, president and CEO of Kerr Drug, in a prepared statement. "This action is the last step in a deliberate move to strengthen our core through consolidation of our store base, elimination of underperforming assets, diminution of debt, and focus of resources on profitable areas of growth in the emerging health care provider environment. These actions are sometimes necessarily hard, but as part of a strategic blueprint, it was a clear last step."

Civello noted that the sale does not impact its operations in North Carolina.

CVS currently has more than 180 stores in South Carolina, as well as more than 280 stores in North Carolina. Twenty-three of its stores are located in the Charleston market.

"We look forward to working with our new Charleston colleagues in delivering innovative pharmacy solutions that are effective and easy for customers," DeAngelis stated. Kerr Drug employees will be offered jobs at CVS.