Walgreens Set To Close Hundreds Of Stores
Walgreens announced that it is expected to close hundreds of stores, including some here in New York State.
Officials with the drug store announced that they will close 150 stores across the United States along with eliminating several jobs at the corporate office.
The closing of stores is expected to start closing this summer and continue through 2024. Currently, there are around 250 Walgreens in New York State.
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The closings are expected to save the company some money as they recently reported a net income of $118 million dollars which is nearly 60% below their reported income last year.
Walgreens is the 2nd largest pharmacy chain in the United States behind CVS and has more than 9000 stores across the country. Besides shutting down over 150 stores here in the United States, the company announced that it will shut down around 300 stores in the UK.
The company is expected to save around $3.3 billion by the end of this year with its cost-cutting measures and save around $800 million in 2024 with the store closing efforts across the country and the world.
Walgreens is just the latest major retail store to shutdown brick and mortar locations. Bad, Bath, and Beyond are shutting down all its stores, and The Christmas Tree Store is shutting down all its retail stores as well.
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