Lenox Hill CVS Set To Close

UPPER EAST SIDE, NY — A Lenox Hill CVS is the latest Upper East Side pharmacy to shutter.

The CVS at 1223 Second Ave., near East 64th Street, will close Oct. 18, according to spokesperson Amy Thibault, who called it a "difficult decision."

Prescriptions will shift to the other Lenox Hill CVS location further up Second Avenue, near East 72nd Street, Thibault said, who added that employees at the to-be shuttered store will be offered new jobs with the company.

Uniquely, the company did not readily cite theft as a reason that compelled them to close, a markedly different move from nearly every other major pharmacy chain closure since the pandemic began.

Thibault cited "local market dynamics, population shifts, a community’s store density, and ensuring there are other geographic access points to meet the needs of the community," as main factors — leaving theft out of the equation.

According to a new story from CNBC, this unique statement might be more in line with what internal balance sheets read.

CNBC's examination of internal numbers reveals that shrinkage — or theft — is generally within industry standards, and is a far smaller factor than other variables that can possibly hit profits, like excessive discounting and promotions, the broadcaster said.

The report also noted that many retailers are moving away from citing theft as a reason for lost profits.

But a spokesperson for Rite Aid, which has closed all of their Upper East Side locations, listed theft as a main cause for the closure of their final Upper East Side store in Yorkville in August, according to Upper East Site.

As often is the case, much goes unmentioned in the official company line.

Even if theft is on the rise, it pales in comparison to those other business, market or, in Rite Aid's case, legal factors that affect a company's bottom line.

Namely, pending federal and state lawsuits regarding their role in fueling the opioid epidemic.

Similar opioid-related suits have so far resulted in over $50 million in settlements, according to Reuters.

To counter the suits — and to discharge $3.3 billion in current debt — the company is reportedly preparing to file for bankruptcy, writes the Wall Street Journal.

According to Fierce Healthcare, Rite Aid is currently facing over 1,000 federal lawsuits.