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National drugstore giant Walgreens will shutter some 1,200 locations over the next three years as it seeks to stem a $3 billion quarterly loss across its businesses generated by a sluggish U.S. economy.
As a result of recent headwinds, Walgreens’ stock is trading near 30-year lows and down 65 percent this year, making it the worst performer on the S&P 500 index. “This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term,” said Wentworth in a statement.
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