CVS Health will close some unprofitable stores, according to CNBC.
Five things to know:
1. CVS Health is working to redesign about 15 percent of its 9,800 stores to HealthHubs, health-focused concept stores equipped with an expanded health clinic, blood testing labs and wellness rooms for yoga classes and seminars.
2. The company will review store locations that have leases up for renewal.
3. Leases of about 500 store locations need renewal each year. They will be reviewed to see how profitable they are, CVS Pharmacy President Kevin Hourican said at the company's investor day meeting June 4, according to CNBC.
4. Mr. Hourican said he doesn't expect any meaningful store closures this year, according to CNBC.
5. CVS said in May it plans to close 46 underperforming stores throughout the second quarter of this year.