The pharmacy chain reported a net loss for the fiscal year and said retail sales in the fourth quarter fell 3.5 percent. Walgreens plans to close about 1,200 locations over the next three years as part of a cost-cutting plan, the company said Tuesday. That represents about 9.5 percent of the pharmacy chain's 12,500 locations worldwide, though it wasn't immediately clear what percentage of U.S. stores would close. Executives had considered shuttering far more sites - the company in June said 25 percent of its retail locations were underperforming, making them candidates for closure. Chief executive Tim Wentworth said the company will focus on "stabilizing" its retail pharmacy business.

Source: Washington Post October 16, 2024 04:51 UTC