Walgreens to Close 200 U.S. Pharmacies in Cost-Cutting Expansion
The closings will add to an already announced cut of as many as 750 stores.
(Bloomberg) -- Drugstore chain Walgreens Boots Alliance Inc. will close 200 U.S. locations, part of a program to cut costs as the company grapples with a changing industry.
The closings will add to an already announced cut of as many as 750 stores. The moves are part of a cost-saving plan that Walgreens has said is necessary to overhaul many parts of its operations, from its retail footprint to its technology.
The company’s cost-reduction plans will result in charges of $1.9 billion to $2.4 billion, Walgreens said in a securities filing Tuesday.
The Deerfield, Illinois-based company operated 9,560 stores as of August 2018, according to its website.
The company’s shares were down 0.5% after the market closed in New York. They’ve lost 25% so far this year.
To contact the reporter on this story: Robert Langreth in New York at rlangreth@bloomberg.net
To contact the editors responsible for this story: Drew Armstrong at darmstrong17@bloomberg.net, Mark Schoifet
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