Walgreens planning to close 1,200 stores over next 3 years

Walgreens plans to close about 1,200 locations by 2027, including roughly 500 to shutter within fiscal 2025.

In June, the company had announced it would close 300 underperforming locations.

The company has been struggling to compete with other retailers online and grappling with decreasing prescription drug payments.

“Our financial results in the fiscal fourth quarter and full year 2024 reflected our disciplined execution on cost management, working capital initiatives and capex reduction. In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow, and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” said CEO Tim Wentworth in statement. 

“Fiscal 2025 will be an important rebasing year as we advance our strategy to drive value creation. This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term,” he said.