WALGREENS closing 200 stores…

  • Walgreens will close 200 stores in the U.S.
  • Walgreens said the closures will affect about 3% of its U.S. footprint.
  • Parent company Walgreens Boots Alliance earlier this year announced it would close 200 stores in the U.K.

Walgreens plans to shutter 200 stores in the U.S. as the company pares back its locations in the U.K., the company said Tuesday.

Parent company Walgreens Boots Alliance earlier this year announced plans to shutter 200 stores in the U.K. and review its U.S. footprint.

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.

www.cnbc.com/2019/08/06/walgreens-to-close-200-stores-in-us.html