Ritzman sells Rx business to CVS Pharmacy
Ritzman Pharmacy announced today that it is selling its 20 retail pharmacies to CVS Pharmacy.
Ritzman Pharmacy primarily services markets in Northeast Ohio. CVS Pharmacy plans to operate in the same locations with the same staff in the Akron and Berlin stores.
The Ritzman Pharmacy locations in Rittman, Shreve, Sugarcreek, Wooster Milltown, Medina River Styx, Millersburg, Barberton, Wadsworth, Norton, Seville, Green, Wooster Downtown, Ashland, Orrville, Medina Forest Meadows, Dover, and Jackson will close and all pharmacy files will be transferred to nearby CVS Pharmacy stores.
Ritzman Pharmacy is withdrawing its participation in their joint venture pharmacy with Northeast Ohio Medical University. NEOMED will be reviewing its options for how they will handle the pharmacy business, according to the company.
CVS Pharmacy’s acquisition of Ritzman Pharmacy is expected to be completed by the end of February. The companies are working closely together to ensure the transition will be seamless for customers and their access to pharmacy care is not interrupted.
CVS Pharmacy also expects to interview any Ritzman Pharmacy employee who is interested in joining the CVS Pharmacy team.
Ritzman owns a management company, VAR, that will continue its management of Summa’s Home Infusion.
“This has been a lengthy process for Ritzman Pharmacy,” Ritzman president and CEO Eric Graf said, “including engaging the investment community, local and national chains, as well as private equity. We have worked hard to sustain the independently operated community pharmacy model and are disappointed to bring it to a close, but it is time to pass our retail business to a company with more resources.”
“While change is always difficult, especially after almost 70 years in business, customers and patients will benefit from having a wide range of products and services available, and continued pharmacy care,” Graf said.
“The Ritzman Pharmacy owners extend a heartfelt expression of gratitude to the patients, customers, associates and communities who have supported Ritzman Pharmacy for these many years. “We wish our customers, our associates and their families a healthy future,” Graf said.
“CVS Pharmacy knows that Ritzman Pharmacy has been providing trusted pharmacy care for its patients for decades, and we are excited to continue that tradition,” CVS Pharmacy division vice president Everett Moore said. “We are looking forward to introducing our industry-leading products and services to Ritzman patients and are committed to ensuring that their pharmacy needs are not only met, but exceeded.”
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