Walgreens Plans to Close About 200 U.S. Stores
Walgreens has announced plans to close 200 stores in the U.S. as a cost-cutting measure. The pharmacy store chain has a footprint of more than 9,500 stores; the closures mean a loss of less than 3% of its store fleet. Disruption for customers will be minimal, Walgreens said, and employees affected by the closures will be given jobs in other locations.
Parent company Walgreens Boots Alliance (WBA) announced in June it would close 200 of its more than 2,400 Boots stores in the United Kingdom. The company expects the combined closures to save it $1.5 billion annually by the end of fiscal 2022. Earlier this year, Walgreens issued a weak profit outlook for 2019, so it pledged to cut costs to boost earnings.