The pharmacy chain's CEO, Tim Wentworth, said the company plans to close a 'meaningful percent' of locations.
Walgreens will shut down a significant number of its locations over the coming years, part of a move to reduce outlets that are not profitable, the company said on Thursday.The pharmacy chain has been examining ways to reduce its footprints, and one approach is to close stores that are near one another to create more efficient ways of serving customers.
''We continue to face a difficult operating environment, including persistent pressures on the U.S. consumer and the impact of recent marketplace dynamics which have eroded pharmacy margins,' Wentworth said in the statement. 'Our results and outlook reflect these headwinds.'The company will be focusing on its core segment of retail pharmacy, he said.'We are addressing critical issues with urgency and working to unlock opportunities for growth.
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