Two Duane Reade stores in New York City will close soon as part of Walgreensâ reorganization plan after its acquisition by a private equity firm. This decision aligns with wider industry turmoil, particularly with Rite Aidâs bankruptcy and store closures. Walgreens is on track to close 1,200 underperforming stores over three years, focusing on financial recovery from significant net debt. The company, now under new leadership, is protecting jobs while restructuring its operations to counter its previous decline in market capitalization and workforce.
Duane Reade stores in Brooklyn and the Upper East Side are set to close as part of Walgreens' reorganization plan, influenced by the acquisition by a private equity firm.
The store closures highlight a broader trend in the pharmacy sector, exacerbated by Rite Aidâs bankruptcy, with Walgreens also closing thousands of underperforming locations.
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