Walgreens is set to close a substantial number of its roughly 8,600 locations across the United States as the company looks to reset the struggling pharmaceutical chain’s business.
In an interview with the Wall Street Journal Thursday, Wentworth said the closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft.
Walgreens revealed few additional details about the closures on the call, but said they would take place over the next three years.
The company also said it will consider additional closures if performance doesn’t improve.
Inflation has taken a big bite out of the drug store business – both at the front-end and the back-end of pharmacies.
Walgreens said the value of its ill-fated VillageMD merger has fallen so much, it was forced to take a massive $6 billion writedown on its balance sheet.
In the past few years, CVS has closed about 900 locations and Rite Aid, which entered bankruptcy in October, closed more than 100. »
