Walgreen's to shut 200 Stores in US as part of cost-cutting plan.

 

Pharmacy chain Walgreens plans to close 200 stores in the United States as part of a plan to cut costs.

The new store closures represent less than 3% of its 10,000 locations in the U.S., Walgreens said in a statement, adding that it anticipates “minimal disruption to customers and patients.” It said it anticipates retaining “the majority” of employees in other nearby locations.

Walgreens said it hopes to save $1.5 billion in annual expenses by fiscal 2022 in what it’s calling the “transformational cost management program.” Walgreens expects to record a $1.9 billion to $2.4 billion earnings hit related to real estate, severance and other costs, it said in a regulatory filing.

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