Skip to content
Home » News » Business » Walgreens Plans to Close Hundreds More Stores

Walgreens Plans to Close Hundreds More Stores

  • / Updated:
  • Staff Report 

Walgreens plans to close hundreds of additional stores over the next three years as part of a strategy to fix its U.S. business, CEO Tim Wentworth announced Thursday.

Wentworth said changes are imminent for about 25% of the company’s 8,600 U.S. stores, which are underperforming. The company has already closed 2,000 locations over the past decade and could shut down many of the 2,100 underperforming stores if they don’t improve.

Walgreens and competitors like CVS and Rite Aid are facing challenges, including tight prescription reimbursements and rising operating costs. Increased competition from discount retailers like Walmart and Amazon has also impacted sales. Walgreens reported missing earnings expectations and lowered its annual forecast, causing shares to drop 24%.

Categories: NewsBusiness