The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

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
SCTR Report: American Tower is Breaking Out Now; Don’t Miss It!
next post
Protesters stage sit-in outside New York Stock Exchange to spotlight Gaza attacks

Related Posts

Egg prices are falling, with a dozen now...

March 15, 2025

5 new Uber features you should know —...

May 15, 2025

Amazon extends Prime Day discounts to 4 days...

July 10, 2025

Americans who moved abroad say this big expense...

August 8, 2024

Trump could scale back Canada, Mexico tariffs Wednesday,...

March 6, 2025

Johnson & Johnson to pay $6.5 billion to...

May 3, 2024

Gas prices are rising. Here’s how to stretch...

July 8, 2024

AI-powered sports media company raises $13 million, led...

February 13, 2025

Target stock falls 21% as big discounting effort...

November 21, 2024

Trump Media shares rise again, jump 50% in...

May 2, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Latest

    • Cracker Barrel rebrand: Why companies retreat when faced with consumer criticism

      August 30, 2025
    • Retail panic: What the end of the ‘de minimis’ exemption means for brands across the globe

      August 30, 2025
    • Spirit Airlines files for Chapter 11 bankruptcy protection for the second time in a year

      August 30, 2025
    • The Real Drivers of This Market: AI, Semis & Robotics

      August 30, 2025
    • S&P 500 Breaking Out Again: What This Means for Your Portfolio

      August 30, 2025
    • Meet the radical anti-Israel activists joining ‘Squad’ Dem Tlaib at Detroit confab

      August 30, 2025

    Categories

    • Business (1,370)
    • Politics (4,364)
    • Stocks (1,617)
    • Uncategorized (45)
    • World News (1,363)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, 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 thetraderharbor.com | All Rights Reserved