![Walgreens Plans to Close Stores Across America](https://townsquare.media/site/204/files/2024/06/attachment-We-are-at-a-point-where-the-current-pharmacy-model-is-unsustainable..jpg?w=980&q=75)
Walgreens Plans to Close Stores Across America
In the past few years, the brick-and-mortar retail side of America has taken a pretty significant hit. With the closings of many stores, including CVS, Rite Aid and Walgreens already behind us, there are even more on the way.
Walgreens CEO Announces Plan to Close Up To 25 Percent of Their Stores Across America
Walgreens CEO Tim Wentworth said on a conference call on June 27 that these major changes will be happening over a three-year period.
The major problem, according to their own CEO, is they have a major number of stores across their portfolio that simply aren't making the cut and are not profitable any longer.
Wentworth described a quarter of their 8,500 stores are "underperforming," and says significant change must come, or they will shutter those stores.
This comes about seven months after reviewing their business model and shuttering some stores in America as a result. Wentworth went on to deliver some grim news on the call.
We are at a point where the current pharmacy model is unsustainable.
It's no secret that Americans are facing an uphill challenge lately due to inflation, and it is showing. Wentworth said, "Our customers have become increasingly selective and price-sensitive in their purchases."
Walgreens, like other stores, has been trying to combat that by slashing prices for more than 1,300 of their products. Everything from gummy bears to coolers have been price slashed as a test to see if that wakes up consumer spending at the chain.
The company's CEO said that lowering prices has indeed increased consumer spending, but it has most certainly hurt the company's profit margins.
Walgreens employs nearly a quarter of a million employees nationwide, and says they will offer effected employees transfer opportunities within the company, if they would like.
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