Published: Fri, August 09, 2019
Finance | By Loren Pratt

Walgreens closing 200 stores

Walgreens closing 200 stores

Walgreens, in a Securities and Exchange Commission filing, says it plans to shutter 200 stores in the cut costs.

Walgreens said it hopes to save one-point-five billion dollars in annual expenses by the 2022 fiscal year.

"Given that these closures will represent less than 3 percent of our stores overall and given that we have multiple locations in many markets", said Carlos. It is not known if any of the locations in the River Valley or Northwest Arkansas will be affected.

Walgreens said it anticipates minimal disruption and the majority of employees will be retained at other locations. The "transformational cost management program", as the company is calling it, will mean a pre-tax charge against earnings of about $1.9 billion to $2.4 billion, according to the regulatory filing.

"As previously announced, we are undertaking a transformational cost management program to accelerate the ongoing transformation of our business, enable investments in key areas and to become a more efficient enterprise", the company said in a statement.

After buying almost half of Rite Aid stores in 2017, Walgreens expanded its American footprint to more than 9,500 locations. Walgreens said it also plans to close 119 of those locations.

The company operates more than 18,500 stores in 11 countries.

A Walgreens store in Riviera Beach, Florida.

Rival CVS offered a far rosier outlook.

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