Walgreens is Closing a ‘Significant’ Amount of Stores Across America in 2024

Walgreens is planning to close a significant number of its stores across the United States, aiming to revamp its struggling pharmaceutical chain’s business. This includes cutting around 10% of its workforce and closing approximately 2% of its current 8,600 locations. Click here to check stores near you, Source

The company didn’t announce a specific number of store closures, but it said that it is planning “significant” closures of underperforming stores across America as part of a multiyear optimization program.

A spokesperson for Walgreens said, “When faced with the difficult decision to close a location, several factors are taken into account, including our existing footprint of stores, dynamics of the local market, and changes in the buying habits of our patients and customers, among other reasons.”

Walgreens’ shares fell 20% to its lowest level in decades. The company also said in its earnings statement that it has slashed its full-year profit outlook.

“We continue to face a difficult operating environment, including persistent pressures on the US consumer and the impact of recent marketplace dynamics which have eroded pharmacy margins,” Tim Wentworth (CEO) said in a press release. “Our results and outlook reflect these headwinds.”