Ritzman Pharmacies sells to CVS

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Tuesday, January 8, 2019

MEDINA, Ohio – Ritzman Pharmacies will sell its 20 retail pharmacies serving primarily northeast Ohio to CVS Pharmacy, The Associated Press reports. CVS Pharmacy plans to operate in the same locations with the same staff in Ritzman’s Akron and Berlin stores, and close the remaining stores and transfer all files to nearby CVS Pharmacy stores, according to the AP. Ritzman will continue to manage Summa’s Home Infusion through a managing company called VAR. Eric Graf, president and CEO of Ritzman, told the AP that the company held out as long as it could. “This has been a lengthy process for Ritzman Pharmacy, including engaging the investment community, local and national chains, as well as private equity,” he said. “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.” The deal is expected to be complete by the end of February.