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Herald: CVS To Buy Navarro Discount Pharmacy

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SAN FRANCISCO, CA - NOVEMBER 05: Signs are posted outside of a CVS store on November 5, 2013 in San Francisco, California. CVS Caremark reported a 25 percent surge in third-quarter earnings with profits of $1.25 billion, or $1.02 per share, compared to $1.01 billion, or 79 cents a share one year ago. (Photo by Justin Sullivan/Getty Images)

SAN FRANCISCO, CA – NOVEMBER 05: Signs are posted outside of a CVS store on November 5, 2013 in San Francisco, California. CVS Caremark reported a 25 percent surge in third-quarter earnings with profits of $1.25 billion, or $1.02 per share, compared to $1.01 billion, or 79 cents a share one year ago. (Photo by Justin Sullivan/Getty Images)

CBS Miami (con't)

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MIAMI (CBSMiami) – Navarro, a Miami-based discount pharmacy that’s been in South Florida for more than 50 years, is being bought out by CVS Caremark.

CVS’s plan to acquire Navarro Discount Pharmacy, the country’s largest Hispanic-owned drugstore chain, was revealed Monday after the stock markets closed according to CBS4 News’ partners the Miami Herald.

The paper reports that once the deal is closed, Navarro’s 33 stores will continue to operate under the same name.

Navarro, which has annual sales of more than $340 million, is a well-known store in South Florida—especially among Hispanics.

“The Navarro brand is one of the most recognizable in the Hispanic marketplace,” CVS/pharmacy spokesman Mike DeAngelis said in an email Monday, the paper reports. “We expect to maintain their current product mix and will learn from our Navarro colleagues about Hispanic marketing and merchandising.”

Navarro Discount Pharmacy was started in Havana in 1940 and, in 1961, moved over to Little Havana after the Castro regime took their stores, the paper said.

(©2014 CBS Local Media, a division of CBS Radio Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. CBS4 news partner The Miami Herald contributed material for this report.)

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