New York — Walgreens is set to close a substantial number of its roughly 8,600 locations across the United States as the company looks to reset the struggling pharmaceutical chain’s business. The company didn’t announce a specific number of store closures, but it said Thursday that it is planning “significant” closures of underperforming stores across America as part of a multiyear optimization program. The closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft, Wentworth told the Journal. Walgreens’ (WBA) shares fell nearly 9% in premarket trading, which also announced during its earnings that it has slashed its full-year profit outlook. Major drugstore chains, including CVS (CVS) and Rite Aid, have struggled in recent years because of declining profits from filling prescriptions.

Source: CNN June 27, 2024 14:10 UTC