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Walgreens plans to close a significant amount of underperforming stores in the US
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Date：2024-12-23 19:43:55
Walgreens is planning to close a substantial number of stores in the United States.
The pharmacy chain confirmed its plan to close underperforming stores in an emailed statement to USA TODAY Thursday morning after the parent company, Walgreens Boots Alliance, disclosed the news in its 2024 third quarter fiscal results.
In the statement, a Walgreens spokesperson said the company is repositioning its store footprint, noting that about 25% of its stores are not contributing to the chain's long-term strategy.
The spokesperson also said the company is working on a program to close a significant portion of these locations over the next three years.
Tim Wentworth, CEO of Walgreens' parent company Walgreens Boots Alliance, said in an interview with CNBC that the company now forecasts weaker consumer spending for the rest of the year.
How many Walgreens locations are closing?
Wentworth also said in an interview with the Wall Street Journal that the company has not settled on a final number of locations to close.
Walgreens operates roughly 8,700 stores in 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, according to its website.
Wentworth also told the Wall Street Journal that Walgreens will reduce its stake in primary-care provider VillageMD and will no longer be the company's majority owner.
Wentwort said the company is focused on improving its core business: retail pharmacy. The company is launching a "retail pharmacy action plan" that will "invest in and deliver an improved customer and patient experience across channels," according to the strategic review section of the fiscal results.
According to his interview with the WSJ, Wentworth said the company expects that it will be able to reassign staffers so that its U.S. retail footprint reduction "doesn't result in a meaningful loss of jobs."
Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at [email protected].
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