200 Walgreens Stores Closing in U.S.
The Walgreens stores closing list continues to grow as it adds 200 locations in the U.S.
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Walgreens Boots Alliance (NASDAQ:WBA) is closing down 200 stores in the U.S. as part of its restructuring plan. This has it closing down locations as it looks to reduce its footprint and increase profits.
According to the company, the Walgreens stores closing was a decision made after reviewing its earnings report for the quarter ended on May 31, 2019. The company says that it expects this and other efforts to reduce costs.
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This isn’t the first time that Walgreens stores closing news has come around this year. The company also announced earlier in 2019 that it is closing a total of 200 locations in the U.K. This also happened following a review of its earnings report for the quarter ended on May 31, 2019.
Walgreens stores closings won’t be completely free for the company. It says that it estimates the transformation plan will result in it suffering between $1.9 billion to $2.4 billion in pretax charges for its GAAP financial results.
“Given that these closures will represent less than 3 percent of our stores overall, and given that we have multiple locations in many markets, we anticipate minimal disruption to customers and patients,” Phil Caruso of Walgreens said in a statement. “We also anticipate being able to retain the majority of the impacted store team members in other nearby locations.”
WBA stock was up slightly as of Thursday afternoon.
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