Grove Avenue Pharmacy, which has operated for 73 years, is closing next month.
The independent pharmacy at 4911 Grove Ave. will close on Aug. 21, owner Bill Towler said.
Dealing with reductions in insurance reimbursements has caused financial problems for Grove Avenue Pharmacy in recent years, he said.
“Insurance reimbursements are horrible,” Towler said. "It is an economic thing. When you are losing a lot of money for two years consecutively and this year we will lose money, you have to question if you will continue to do it. It is not a good business model."
CVS bought Grove Avenue Pharmacy's patient files, which will be transferred to the CVS store at Willow Lawn Drive and West Broad Street. Terms of the deal were not disclosed.
CVS also might hire some of Grove Avenue Pharmacy employees, he said. His store has one full-time pharmacist, a part-time pharmacist, a pharmacist technician, two part-time driver and a sales clerk.
Towler will continue to own the building. "I don't have any plans at this point for the building," he said.
Grove Avenue Pharmacy opened in 1946 by Oakley Vaughan.
Towler's father bought the pharmacy in 1983. Towler has run it since 2006.
Towler also owns Springer Pharmacy on Nine Mile Road in eastern Henrico County. It opened as Center Pharmacy in 1948. His father owns the building and closed Center Pharmacy in 2006. Towler reopened it under the new name in 2012.