Pharmacy chain Walgreens announced in an earnings report that it will be closing 1,200 unprofitable stores around the U.S. following a challenging fiscal year. The closures are part of cost-cutting measures designed to return the focus on its core business as a retail pharmacy. Here’s everything you need to know about the Walgreens closures.
When is Walgreens closing?
Walgreens plans to close the 1,200 stores over the next three years. 500 stores will close in fiscal year 2025.
Why is Walgreens closing?
Walgreens, like other drugstores, are struggling due to competition from Amazon and declining drug reimbursement rates. CVS laid off thousands of employees in 2023, while RiteAid declared bankruptcy in 2023.
How many Walgreens are closing?
The company said that 1,200 stores across the U.S. will close.
Full list of store locations closing
Walgreens has not released information on which stores will be closing. It said the company will prioritize underperforming stores that are owned by the company, or where leases are expiring.
How many Walgreens stores are there?
There are around 8,700 Walgreens stores in the U.S., meaning the closures will affect about 13 percent of the company’s locations.
What’s been the reaction to the news?
Smaller towns worry that they will have to send their prescriptions elsewhere to other pharmacies that may not be as convenient.