Walgreens is set to undergo a major overhaul of its operations in a bid to turn its fortunes around. To achieve this, the company has announced that it will be closing a number of its stores across the United States. At present, Walgreens operates around 8,600 stores throughout the country.
On Thursday, the retail giant announced that it is planning to shut down a significant number of underperforming branches across the nation as part of its optimization strategy that will be implemented over the next few years. Although the exact figures were not disclosed, the company is taking this action to improve its overall performance.
During his conversation with the Wall Street Journal, CEO Tim Wentworth emphasized the impact of the upcoming store closures. He mentioned that these closures constitute a significant percentage of the less profitable locations, amounting to a “meaningful percent.”
Wentworth explained that the focus of this shake-up will be on stores that are not making a profit, those that are located too close to each other, or those that are experiencing persistent theft issues.
Walgreens’ pre-market trading shares experienced a nearly 9% drop following their announcement during the quarterly earnings report, coupled with a full-year profit forecast reduction.
Wentrought acknowledged the challenging business conditions by stating, “We are still facing a tough operating environment, with ongoing pressures on the U.S. consumer and the impact of recent market changes that have reduced pharmacy margins.” He further added that their results and outlook are a reflection of these challenges.
Walmart has provided further clarification regarding their store closures. It has been confirmed that the locations that have already closed are not the same ones that were mentioned earlier and are currently being evaluated in the company’s Q3 earnings.
According to a statement, Walgreens has unveiled its optimization program, aimed at shutting down approximately 25% of its stores that do not align with the company’s long-term strategy. Over the next three years, the company plans to close a significant portion of these locations while also making investments to enhance the overall customer and patient experience.
Which Walgreens stores are closed now?
Permanently closed
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- 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
- 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
Temporarily closed
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- 5300 N Braeswood Blvd, Houston – front end and pharmacy will reopen
Pharmacy temporarily closed
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- 1st St, Tulsa, OK 74133
- Baseline Rd, Little Rock, AR 72209
- 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
