DEERFIELD, Illinois — Walgreens, one of the nation’s largest pharmacy chains, is set to close several of their bearly 9,000 locations across the United States as part of a multi-year restructuring plan aimed at addressing ongoing financial difficulties.
The company has not specified which locations will be affected, only stating that the closures will target underperforming stores. This move comes as Walgreens attempts to consolidate its operations and cut losses in an increasingly challenging market.
Walgreens stock has seen a significant decline, dropping nearly 10% in recent months. The company’s financial woes are reflective of broader issues within the pharmaceutical retail sector. CVS, another major player in the industry, has also announced the closure of nearly 1,000 locations, while nearly all Ohio Rite Aid locations have been shuttered.
Walgreens is focusing on stabilizing its financial health by concentrating on more profitable operations and reducing losses through these closures. The full impact on employees and communities remains to be seen as the company implements its restructuring strategy over the coming years.