That's not quite right. CVS bought their pharmacy, but not the liquor license. A company called Lancran purchased the remainder thinking the license would transfer. Wines and More sued saying that license was terminated when Phred's was sold, and won the lawsuit on 1-AUG-2019.

(I'm paraphrasing--it was something about Class A and E licenses being split, yada yada. Feel free to read the decision here: https://dbr.ri.gov/sites/g/files/xkgbur696/files/documents/decisions/CL_Decision-WinesAndMore.pdf)

It does explain why for several years the building and sign were still standing but with the words "Food" and "Drugs" pried off (but "Liquor" still there).