Walgreens has announced the closure of 1,200 stores over the next three years as part of a major turnaround strategy to address unprofitability and competition.
The company's CEO, Tim Wentworth, stated that about a quarter of Walgreens' stores are unprofitable, leading to significant restructuring efforts including renegotiating deals and leadership changes.
With its recent net loss of $3 billion, Walgreens is actively pursuing a $1-billion cost-cutting initiative amid rising competition from Amazon, Walmart, and other retailers.
Walgreens acknowledges the need for a shift in strategy, even hinting it may abandon unprofitable lines of business, indicating a serious reevaluation of its current operations.
Collection
[
|
...
]