Popular Pharmacy Chain Closing 150 Stores Across The Country

Walgreens announced that it is closing 150 stores in the United States and an additional 300 locations in the United Kingdom as part of a $4.1 billion cost-cutting plan.

The company said that closings, which will be completed by August 31, 2024, and hundreds of layoffs will save the company at least $800 million next year.

The announcement comes as the company reported a massive drop in year-over-year earnings for the third quarter, bringing in just $118 million, compared to $289 million last year.

Walgreens CEO Rosalind Brewer told investors that the dip in revenue was due to a decrease in demand for COVID vaccines and tests and overall lower consumer spending.

"Similar to other retailers, we've been impacted by the rapid softening of the macro environment and a more cautious and value-driven consumer," Brewer said.

Walgreens did not say what stores will be closed. The company expects the closings to be completed by August 31, 2024.