Walgreens Closed 29 Stores in May - With Many More Planned
A major retail chain closed 29 stores in the month of May and plans to close over 500 stores by the end of August.
Earlier this year a report from Yahoo Finance revealed Walgreens plans to close 1,200 locations over the next three years with 500 store closings in the 2025 fiscal year. The company isn't wasting any time cutting down its selection of stores by closing 29 locations across the country in May alone.
In a 2024 earnings call, Walgreens CEO Tim Wentworth said the closures were aimed at "unprofitable" stores, helping the company improve its profitable locations. The closings come after Walgreens announced in October 2024 that the company suffered a $3 billion loss.
“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,” Wentworth said in a statement at the time. “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.”
According to a report from Newsweek, 29 locations across 13 states were closed in May: California, Colorado, Connecticut, Florida, Georgia, Indiana, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania and Texas all saw store closings.
"Our care for you goes beyond any one address. Your prescriptions and our pharmacy services are available at Walgreens locations nationwide, or if you need to change your retail store, we can help with that too," Walgreens said in a statement regarding store closings.
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