Walgreens Plans on Closing Quite a Few Underperforming Shops in the US

The number of Walgreens locations in the United States that are scheduled to be shut down is expected to be significant. In an email sent to USA TODAY on Thursday morning, the drugstore chain announced its intention to liquidate shops that were not functioning well.

This announcement came after the parent company, Walgreens Boots Alliance, revealed the news in its financial results for the third quarter of the 2024 accounting period.

In the statement, a Walgreens spokesman said the firm is rearranging its retail presence, and about 25 percent of the chain’s locations are not contributing to its long-term plan.

A spokeswoman for the corporation also said that the organization is working on a plan to shutter a significant number of these facilities over the next three years. Tim Wentworth, the Chief Executive Officer of Walgreens Boots Alliance, the parent company of Walgreens, said in an interview with CNBC that the business now anticipates a decrease in customer spending for the remainder of the year.

To what extent are Walgreens stores going out of business?

A further statement made by Wentworth in an interview with the Wall Street Journal was that the corporation has not yet decided on the total number of sites that would be shut down.

According to information on its website, Walgreens operates over 8,700 stores in fifty states, the District of Columbia, Puerto Rico, and the United States Virgin Islands.

In addition, Wentworth disclosed to the Wall Street Journal that Walgreens would decrease its ownership position in VillageMD, a supplier of primary care services, and would no longer be the dominant owner of the institution.

Wentworth said that the firm is concentrating on enhancing its primary business, retail pharmacy. After a strategic review of the financial results, the organization will initiate a “retail pharmacy action plan” to “invest in and deliver an improved customer and patient experience across channels.”

Wentworth said in an interview with the Wall Street Journal that the firm anticipates being able to redeploy staff members to ensure that the decrease in its retail presence in the United States “does not result in a meaningful loss of jobs.”

Related CTN News:

Apple Announces Its Annual Developers Conference Is Set For June 10

The Boeing Saga Has Reached A New Level Of Absurdity

Warren Buffett Has Finally Revealed What Will Happen To His Money After He Dies