HomeMy WebLinkAbout2003 Dec - Letter from CVS Lic. Mgr. Re: MA Corporate Store Restructure� �.;-,
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TO: Store Licensing Agency HEA{�TH U"
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FROM: Linda M.Cimbron,CVS Licensing Manager
RE: Massachusetts Corporate Store Restructure
� - I write to inform you that CVS is in the process of implem�nting an int�ernal corporate
` restructuring plan(the"Plan") aamed at improving the efficiency of its corporate
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� structure.
CVS now plans to simplify its corporate structure to a large extent. To that end, CVS
I intends to"collapse",through mergers and liquida.tions,many individua.l CVS entities'
ithat are currently licensed by various states,including Massachusetts. We believe the
resulting structure will be far more efficient and easier to understand than our previous
practice of setting up individual entities for each store location. Iraportantly, ultima#e
i ownership and cor�trol of the affected entities by CYS Corporation will not change as a
I result of the Plan described in this letter.
The next hase of the Plan will include a roximatel
P pp y 292 separate corporattons that
presently operate licensed pharmacies in Massachusetts being merged into a single
Massachusetts lixnitec�liability company;lVI"assac�iusetts C�S Ph��,L:L..�. �ie sole
member of Massachusetts CVS i'harmacy, L.L.C. is CVS Pharmacy, Inc.,which is
CVS's main operating company. We also plan to utilize Massachusetts CVS Pharma.cy,
L.L.C. for any future Massachusetts CVS stores.
Although technically a different CVS entity(Massachusetts CVS Phannacy, L.L.C.)
will operate each of the affect�l stores after the restructuring, opera.tionally and
procec�urally, absolutely nothing will change. The ultimate parent corporation of all of
the affected entities is, and will remain,CVS Corporation, a Delaware corporation that is
publicly held and whose stock is traded on the New York Stock Exchange. The officers
and directors of Massachusetts CVS Pharmacy, L.L.C. are the same as the officers and
directors of each of the existing Massachusetts store entities. The trad.e name and store �
number of each store will remain exactly the same, while only the entity name will
change (e.g., Main St. CVS, Inc. d/b/a CVS/pharmacy#0123 wi11 become 1Viassachusetts
CVS Phannacy, L.L.C. dlb/a CVS/pharmacy#0123). Physical locations (street
addresses, signage, etc.} will not chan�e in any way. These transactions will be entirely
transp�arent to the�ublic and �a ousr emt�loye��for the most nart.
P�e�se �a�e �iiat C�'� vwili nmpletner�t��e: P��n n��ater ti�a�. �ecember�0;�Oaa,
vve iza�e upc�a�ed tb��nev�� corporat�it�forma��io� oa� �he current store Iicemses
renewat appiieatiot� at�ached. Ple�se cali the�icensing Coardinato�-returning your
Iicense renewal application if you have further questions or need clarificatio�. '
Therese Fiuette Egt: SQ36 or Dianne Lackey Ea�: 5772 '
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