Huge Pharmacy Chain To Close Hundreds Of Stores

By Dave Basner

July 10, 2023

Photo: Getty Images

The current financial climate has become very challenging for some big named chains. Recently, giant retailers like Bed, Bath & Beyond, Tuesday Morning, Christmas Tree Shops and David's Bridal have declared bankruptcy and are closing all or nearly all of their stores. Meanwhile, other companies like Sears are shuttering many locations as a cost-saving measure, and they aren't alone. One of the country's biggest pharmacy chains is following suit.

Walgreens announced plans to close hundreds of stores in the coming months. After revealing earnings that were $171 million less than they were a year ago, the chain will be closing 150 locations in America and 300 in the United Kingdom.

It's not the only tactic Walgreens will implement either. The company reduced their corporate and office support workforce by 10%, or 500 people. In addition, according to CNN, CEO Rosalind Brewer said they are "taking immediate actions to optimize profitability for our U.S. healthcare segment." They expect to save $3.3 billion by the end of the year by leaning into technology and creating what they are calling the "pharmacy of the future." CFO James Kehoe explained what that might entail, stating, "We are optimizing the model through our micro fulfillment centers, tech-enabled centralization of in-store activities and telepharmacy solutions."

As for which of the chain's 9,000 U.S. stores will close, that hasn't yet been announced, but what is known is that those 150 locations will be shuttered by August 31, 2024.

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