Walgreens Plans to Close 200 Stores

Walgreens

Walgreens announced the closures in a filing with the Securities and Exchange Commission Tuesday. The company acquired the 2,000-store Rite Aid chain in 2017 for more than $4 billion, and earlier this year announced it would close 750 of those locations, up from 600. The company expects the combined closures to save it $1.5 billion annually by the end of fiscal 2022.

The loss of a couple hundred stores represents about three percent of the ten-thousand locations in the U.S. The company says it hopes to retain a majority of the employees and transfer them to other nearby locations. Walgreens said it also plans to close 119 of those locations.

The British sister store Boots pharmacy was also discussed in the report and will also face 200 store closures.

The company operates more than 18,500 stores in 11 countries.

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"We are undertaking a transformational cost management program to accelerate the ongoing transformation of our business, enable investments in key areas and to become a more efficient enterprise", Walgreens spokesman Phil Caruso said in a statement.

Analysts have said the massive number of stores operated by WBA is under severe threat from online shopping.

A Walgreens store in Riviera Beach, Florida. The same problem is bedeviling Walgreens closest rival, CVS Health.

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