Walgreens to Close 1,200 Stores in 13 States

Walgreens is proceeding with the closure of 1,200 underperforming stores across 13 states over the next three years, beginning with at least 29 locations—including a Lakewood, Colorado store closing on May 22. The plan is part of a $1 billion cost-cutting initiative under CEO Tim Wentworth, following the company’s recent acquisition by a Sycamore Partners-affiliated entity. Walgreens faces financial challenges such as declining retail sales, rising operational costs, increased regulatory pressures, and high debt, despite some growth in pharmacy sales. The closures mark a significant reduction in Walgreens' U.S. footprint, with both workforce and store count declining sharply. Affected customers will have their prescriptions automatically transferred to other Walgreens locations to minimize disruption. The restructuring aims to address market share losses and improve overall profitability.