By Daniella Genovese | Fox Business
Walgreens plans to close at least 1,200 stores over the next three years as the pharmacy giant seeks to reduce costs and turn around operations under a new leader.
One of the largest drugstore chains in the country, Walgreens said about 500 stores are slated to close as early as fiscal year 2025.
In June, the company had announced its intention to close a “significant” number of underperforming stores across the U.S. as it contended with profitability challenges and declining margins. But CEO Tim Wentworth, who took over in October 2023, didn’t give an estimate at the time of how many stores would be affected. He noted that a “meaningful percent” of the underperforming locations would shutter.