Walgreens Plans to Close 1,200 Stores

Walgreens has announced plans to close approximately 1,200 stores over the next three years, with 500 closures expected as soon as this year, in a bid to address ongoing financial struggles marked by $3 billion in losses this quarter. CEO Tim Wentworth described the upcoming year as a 'rebasing year' for the chain, which operates around 8,500 locations in the U.S. Many of the closures will affect underperforming stores, as one in four Walgreens locations are currently unprofitable. This decision also follows similar announcements from competitors like CVS, which plans to close 900 stores. Experts warn that such closures could exacerbate 'pharmacy deserts', particularly impacting minority communities that already face limited access to pharmacies. The company aims to cut costs by $1 billion while focusing on improving long-term financial stability and consumer access to healthcare services.