An important retailer with 8,000 locations is attempting to revive its faltering operations by closing more stores around the country.
Walgreens has about 8,600 stores in the United States, and it plans to close a number of them.
A number of stores have already closed, but the plan to liquidate thousands more remains unchanged.
The plan, according to MSN, is to reinvigorate its flagging activities.
Although the exact figures have not been revealed, the business has reportedly announced “significant” closures of underperforming outlets around the country.
This change will take place over the course of several years as part of a larger optimization plan.
According to Wall Street Journal interview with CEO Tim Wentworth, these closures are significant.
He estimated that they will impact a “meaningful percent” of the approximately 25% of locations that are less lucrative.
According to Wentworth, the stores that aren’t making enough money and are too near to other Walgreens locations would be the ones targeted. This also encompasses individuals who are dealing with persistent theft problems.
Shares of Walgreens fell about 9 percent in pre-market trading after the company cut its full-year earnings prediction, as reported by MSN.
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Pharmaceutical profit margins have been dwindling due to “persistent pressures on the U.S. consumer and the impact of recent marketplace dynamics,” according to Wentworth.
“These headwinds reflect our results and outlook,” he continued.
“Roughly a quarter of Walgreens stores are not adding value to our long-term strategy,” according to a report that the outlet released.
We anticipate that, over the next three years, we will have to close a large number of these locations as part of our optimization program.
To further improve the experience for both patients and customers, we are also investing in new initiatives.
Some Walgreens pharmacies have temporarily or permanently shut down, while others have remained open.
The locations that will never reopen are these:
- 840 El Camino Ave, Sacramento, CA 95815
- 1400 N Grand Blvd, St. Louis, MO 63106
- 14048 Woodward Ave, Highland Park, MI
- 25 Peachtree St, Atlanta, GA 30303
- 4121 Hoover Ave, Dayton, OH 45402
- 6199 Sunrise Blvd, Citrus Heights, CA 95610
- 78 Main St, Westfield, MA 01085
- 918 Riverview Dr, Kalamazoo, MI 49048
- 606 Walnut St, Des Moines, IA 50309
- 124 E Main St, Newark, DE 19711
- 3301 Lancaster Pike, Wilmington, DE 19805
- 4201 Concord Pike, Wilmington, DE 19803
- 32979 Coastal Hwy, Bethany Beach, DE 19930
- 842 E Main St, Danville, IL 61832
- 210 E Barnett Rd, Medford, OR 97501
- 1900 Maryland Ave, Wilmington, DE 19805
- 5602 Pacific Ave, Tacoma, WA 98408
- 1805 N Brady St, Davenport, IA 52803
- 4220 Missouri Flat Rd, Placerville, CA 95667
The following pharmacies are temporarily closed:
- 6000 S Pennsylvania Ave
- Oklahoma City 7601 Cantrell Rd
- Little Rock, AR 72227 2727 NE Hwy 20
- Bend, OR 97701 3601 16th St, Moline, IL 61265 1st St, Tulsa, OK 74133
The Houston facility at 5300 N Braeswood Blvd is the only one that is temporarily closed.
Based on what MSN has reported, the front desk and pharmacy will be reopening at this location.
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