Walgreens will shutter around 1,200 stores as it contends with rising competition from online retailers and shrinking payments for prescription drugs.
By 2027, nearly one in seven of its current locations will be closed. Walgreens announced on Tuesday that 500 stores are set to close just in the next year.
This is a big step up from June, when the struggling retailer said it planned to close 300 underperforming stores as part of a multi-year optimization strategy led by CEO Tim Wentworth. Back then, it revealed that about 25% of its stores were unprofitable and hinted that major changes were coming.
Pages: 1 2