Walgreens to Close 1,200 Stores Worldwide

Walgreens Boots Alliance is set to close approximately 1,200 stores, about 10% of its global locations, over the next three years, with 500 closures planned by August 2025. This decision comes amid challenges such as declining prescription drug payments and rising competition from online pharmacies and big-box retailers. Despite a reported 6% revenue increase in fiscal Q4, the company faced significant losses, leading to CEO Tim Wentworth's announcement of a $1 billion cost-cutting strategy intended to stabilize the business. The closures, which could create pharmacy deserts in some areas, are part of a broader plan to optimize operations and improve long-term financial health. While the news initially boosted stock prices, concerns remain about the future of local pharmacies as Walgreens navigates this transition. The exact locations of the closures have not yet been disclosed.