Phred’s Drug to close, be acquired by CVS

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CVS AP 2018_639434

CRANSTON, R.I. (WPRI) — Customers of Phred’s Drug in Cranston will be dropping off and picking up their prescriptions at a different location starting later this month.

On Monday, CVS Health announced plans to acquire the Oaklawn Avenue business, which is set to close on Nov. 29.

All of Phred’s Drug’s pharmacy inventory, files and insurance information will be transferred confidentially to the CVS location on Oaklawn Avenue, where customers can conduct their pharmacy business starting Nov. 30.

Phred’s was founded in 1955 and has been run by three generations of the Rossi family. The current owner, Charles Rossi, manned the pharmacy counter for 40 years and plans to retire following the sale.

“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,” Rossi said in a statement.

“Phred’s has long been a part of the Rhode Island health care community,” he continued. “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 sons, Michael and James, are also pharmacists and plan to join the CVS team.

CVS said it plans to interview any Phred’s employees who are interested in working for them.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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