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Walgreens to close 'significant' number of stores as profits fall

The pharmacy chain said 25 percent of its retail locations are underperforming and will be considered for closure

Walgreens will close a "significant portion" of its 8,600 U.S. locations over the next three years as it struggles to keep up with a rapidly evolving retail pharmacy industry, the company announced Thursday.

"We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require we approach the market differently," Walgreens chief executive Timothy Wentworth said Thursday during the company's quarterly earnings call. "We do not expect an improvement in the U.S. retail environment."

The pharmacy giant, based in Deerfield, Ill., said 25 percent of its stores are underperforming and will be considered for closure. The majority of employees will be moved to other stores, Wentworth said.

https://www.washingtonpost.com/business/2024/06/27/walgreens-store-closures/

 

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