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Walgreens to Close Hundreds of Stores
Walgreens expects to close 150 locations in the United States and 300 locations in the United Kingdom. The Deerfield-based pharmacy chain reported lower earnings on Tuesday compared to the same quarter last year, with $118 million, or 14 cents a share, compared to $289 million, or 33 cents a share, a year ago.
The company is facing decreased consumer spending and a lack of 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 U.S. healthcare segment.”
The company will also eliminate more than 500 roles, or around 10% of its corporate and US office support workforce. The layoffs affect all workers at the center in Edwardsville, Illinois, distribution center, who will soon be given a 60-day notice. The work of this center will now be done by employees at the drugstores it once served.
