Walgreens to Close Nearly a Quarter of Its Stores Across the Country

Vincent Alban/Reuters

Walgreens intends to shutter a quarter of its 8,600 stores and sell part of its stake in VillageMD, Walgreens Boots Alliance CEO Tim Wentworth told The Wall Street Journal on Thursday. The company’s stock slipped 25 percent on Thursday morning following a lackluster third quarter earnings call, prompting the pharma giant to reassess its position, according to the Journal. “We recognize that we need to be focused on what are the parts of the business that we believe are contributing and have a future, and some of those need to change,” Wentworth said. He added that nearly a quarter of the stores are not profitable and that a “meaningful percent” of its 8,600 stores could be closed over the next few years. The company will also cut its majority stake in VillageMD, a primary care clinic, following its nearly $6 billion loss, according to Forbes.

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