Walgreens will close about 1,200 locations over the next three years as part of a turnaround strategy to address a $3 billion quarterly loss.
CEO Tim Wentworth emphasized, 'This solid base supports our conviction in a retail pharmacy led model that is relevant to our consumers, and we intend to invest in these stores over the next several years.'
Despite store closures, Wentworth noted that about 6,000 of Walgreens' stores are profitable, providing a foundation for future investments in response to shifting consumer behavior.
The plan also includes 300 closures from a previous cost-cutting initiative, signaling Walgreens' intent to adapt amidst competition from online retailers and discount chains.
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