Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Walgreens to close 1,200 stores over the next three years

by admin October 16, 2024
October 16, 2024
Walgreens to close 1,200 stores over the next three years

Walgreens said Tuesday it plans to close 1,200 stores over the next three years as it seeks to further downsize its footprint amid flagging sales and changing consumer behavior.

The pharmacy chain said 500 of the closings would occur over the next 12 months. It estimates a quarter of its 8,700 stores in the U.S. are unprofitable.

Walgreens announced the closures as part of its fiscal fourth-quarter and full-year earnings, which beat Wall Street’s expectations. In a statement, CEO Tim Wentworth acknowledged the company was in the midst of a ‘turnaround’ that would ‘take time.’

‘We are confident it will yield significant financial and consumer benefits over the long term,” Wentworth said.

In June, Walgreens said it planned to close a “significant” number of its underperforming stores by 2027. Tuesday’s announcement appears to be the company’s first exact estimate of how many locations it will shutter.

Both Walgreens and rival CVS are facing a difficult operating environment, fighting to be profitable as consumers shift their habits.

In 2021, CVS said it would close about 900 stores, or about 10% of its U.S. locations, from 2022 to 2024. Rite Aid recently emerged from bankruptcy and will operate as a privately owned company.

Pharmacy chains have been squeezed in part by changes to the prescription drug market, including lower reimbursements from pharmacy benefit managers (PBMs), the third-party companies that manage prescription drug benefits for health insurance companies.

PBMs have been recently accused of inflating drug costs and are the target of multiple legislative and regulatory reforms and actions.

The end result has been a greater number of ‘pharmacy deserts’ across the U.S.

“The retail pharmacy industry is going through a period of soul-searching, trying to understand the best model to reach the consumer,” Neil Saunders, GlobalData’s retail managing director, told CNBC in August.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Boeing to raise as much as $25 billion to shore up balance sheet
next post
Protesters stage sit-in outside New York Stock Exchange to spotlight Gaza attacks

Related Posts

Retailers scramble to move billions in cargo as...

October 1, 2024

Tesla shares plunge 15%, steepest drop in five...

March 12, 2025

A lack of child care is keeping this...

July 9, 2024

Trump Media CFO, two other insiders sell millions...

November 16, 2024

Marc Benioff is in talks to sell Time...

November 3, 2024

Elon Musk says backlash against his DOGE government...

April 2, 2025

Trump commutes sentence of Ozy Media founder Carlos...

March 30, 2025

Paris seeing signs of strong travel demand ahead...

June 24, 2024

Malls are using new restaurants to draw consumers...

December 20, 2024

Drone company’s stock soars after it appoints Donald...

November 29, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Elon Musk halts plans for new political party, prioritizing business instead: report

      August 21, 2025
    • Ukraine’s stolen children crisis looms large as NATO meets on Russia’s war

      August 21, 2025
    • Duffy’s DOT accuses Biden, Buttigieg of inflating air traffic controller pipeline: ‘Juiced the numbers’

      August 21, 2025
    • FBI arrests woman on ‘Ten Most Wanted Fugitives’ hiding in India, transports to US for prosecution

      August 21, 2025
    • Vance, White House blast ‘crazy communists’ protesting DC clean-up, terrorizing locals: ‘Stupid White hippies’

      August 21, 2025

    Categories

    • Business (1,071)
    • Investing (2,877)
    • Politics (3,520)
    • Stocks (1,155)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved