CVS to acquire, close, Phred’s Drug

WOONSOCKET — CVS Health Corp. will acquire Phred’s Drug at 1300 Oaklawn Ave. in Cranston, including pharmacy files, insurance and inventory, transferring the information and stock to the acquiring company’s nearby store and shutting the 63-year-old business down Nov. 29, CVS announced Monday.

Phred’s Drug customers will be able to pick up and drop off prescriptions at CVS Pharmacy, 1195 Oaklawn Ave., the following day, CVS announced in a late afternoon statement. The companies will work together to make the transition a seamless experience for Phred’s customers and ensure their access to pharmacy care is not interrupted, according to CVS Pharmacy.

Phred’s Drug has been run consecutively by three generations of the Rossi family since its founding in 1955. Charles Rossi, the current owner, has been a pharmacist at Phred’s Drug for 40 years and is planning to retire following the sale, according to the company’s statement. Rossi could not be reached for comment on the sale.

The deal is expected to close on Nov. 29, according to CVS, coinciding with the closure of the store.

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Rossi’s sons, Michael Rossi and James Rossi, are also pharmacists and will join the CVS Pharmacy team. CVS Pharmacy also plans to interview Phred’s Drug employees who are interested in working at CVS, the company stated.

“As the owner of Phred’s Drug, my family and I have had the pleasure of serving Rhode Island residents for 62 years and would like to thank all of our patients and employees for their loyalty and dedication,” said Rossi in a statement provided by CVS Pharmacy.

“Phred’s has long been a part of the Rhode Island health care community. With the health care landscape changing day to day, we felt that CVS Health was better positioned to best serve the pharmacy needs of our patients and employees now and in the future. We are grateful to have been able to care for our many patients and we are confident that CVS Pharmacy will provide the same top-notch customer service and pharmacy expertise we have provided at Phred’s,” Rossi’s statement continued.

“CVS Pharmacy knows that Phred’s has been providing trusted pharmacy care for its patients for decades and we are excited to continue that tradition,” said Alisa Ulrey, Division Vice President for CVS Pharmacy in a statement. “We are looking forward to introducing our industry-leading products and services to Phred’s patients and are committed to ensuring that their pharmacy needs are not only met, but exceeded.”

Details of the sale were not provided.

Rob Borkowski is a PBN staff writer. Contact him at Borkowski@PBN.com