begin quote from: https://www.cnn.com/2023/06/30/investing/walgreens-150-store-closings/index.html
Walgreens is closing 450 locations
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New YorkCNN
—
Walgreens expects to close 150 locations in the United States and
300 locations in the United Kingdom, Walgreens Boots Alliance CFO James
Kehoe said in the company’s earnings call this week.
The pharmacy chain reported lower earnings on Tuesday compared to
the same quarter last year – $118 million, or 14 cents a share, compared
to $289 million, or 33 cents a share, a year ago. The company is facing
muted consumer spending and a pullback in demand for Covid vaccines.
CEO Rosalind Brewer said the company was increasing its
cost-savings efforts to $4.1 billion and “taking immediate actions to
optimize profitability for our US healthcare segment.”
Kehoe told analysts the company will have saved $3.3 billion by
the end of this year, and is projecting to save “at least” $800 million
in 2024. These store closures are part of its cost-cutting effort.
The chain operates almost 9,000 stores in the United States and
expects to close the 150 US locations by the end of its next fiscal
year, Aug 31, 2024, a spokesperson said.
Kehoe said the company also eliminated more than 500 roles, or
around 10% of its corporate and US office support workforce. Technology
and its plans to build the “pharmacy of the future” will further drive
savings, he said.
“We are optimizing the model through our micro fulfillment
centers, tech-enabled centralization of in-store activities and
telepharmacy solutions,” Kehoe said.
Walgreens
(WBA) did not specify which locations are closing and did not immediately respond to CNN’s request for comment.
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