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    Saturday, May 04, 2024

    In New London, Quality Care Drug owner sells to CVS

    New London — Intent on retiring, Joseph Thibeault searched for someone to take over the independent drugstore he opened here four years ago.

    Then CVS found him.

    Thibeault, reached by phone Wednesday, confirmed that CVS Health, which says its 9,600 CVS Pharmacy stores dispense more prescriptions than any other drugstore chain, has purchased his Quality Care Drug at 467 Ocean Ave., transferring his customers’ prescriptions to the CVS Pharmacy at 817 Bank St. — literally, right down the road.

    “The reason is I wanted to retire,” said the 63-year-old Thibeault, who lives in Lebanon. “I’ve been trying for the past year to get someone to continue but I couldn’t find anyone I could trust to take it over. ... I’ve been doing it for over 40 years.”

    While he was seeking a buyer, CVS came in with an offer. Months of negotiations ensued, he said.

    Quality Care Drug’s last day of operation was May 30. Thereafter, everything inside the store was removed and notices went up on the locked door and in the windows.

    “This Pharmacy Has Closed,” the signs read.

    Thibeault said the terms of the sale prevented him from announcing it prior to the deal's closing. He said he tried to inform as many of his customers as he could by letter or word of mouth. Nevertheless, some didn’t learn of it until this week.

    A partner of Thibeault’s runs some other drugstores, including a Quality Care Drug in Essex, that were not affected by the New London sale, he said.

    “The neighborhood supported us very well. The business was doing fine,” Thibeault said. “It was just that it was time for me to retire — while I’m healthy and can do things.”

    He recalled getting his start at National Drug in Colchester, where he was an owner for 26 years.

    “There were no computers and no insurance companies,” he said. “Connecticut had hundreds of independent drugstores then. There’s maybe a hundred now.”

    According to the state Department of Consumer Protection, Connecticut has 715 licensed pharmacies, including 172 independents.

    b.hallenbeck@theday.com

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