The CVS Caremark Corporation (formerly CVS Corporation) is a retail company in the pharmaceutical industry in the United States. The company is based in Woonsocket, Rhode Iceland. The company is listed on the S & P 500. CVS does business under the name CVS / pharmacy, so they are often referred to CVS.
The company was founded in Lowell, Massachusetts in 1963 under the name of Melville Corporation. In 1990, a merger with Peoples Drug from Washington, DC. The name was changed in 1996 in CVS Corporation. 1997 CVS had 1,400 stores and took over the competitors Revco 2500 more stores. The takeover succeeded in expanding its business from the east coast into the space of the southeastern United States and in the area of Ohio. With Arbor Drugs from Michigan was a further acquisition in 2004 and bought the company CVS Eckerd JCPenney, whereby an expansion in the regions of Florida and Texas took place. In early November 2006, CVS merging with the rival Caremark RX Inc. of Nashville known. The group's name is since CVS Caremark Corporation.
On 5 February 2014, the company announced that it stop selling cigarettes and other tobacco products in all branches 7600 to October 2014. The company expects revenue losses of around two billion U.S. dollars. The CEO Larry Merlo justified this step with the intentions of the company.