After buying roughly half of Rite Aid's stores two years ago, Walgreens expanded its American footprint to more than 9,500 stores.
The list of locations slated for closure has not been released. In a statement, Walgreens confirmed that the closures will cause "minimal disruption to customers and patients".
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The parent firm of Walgreen Company, which runs the pharmacy store chain that is the second-largest in the US behind CVS Health, also said it will fire a sizeable number of employees at the soon to be shuttered stores, but anticipates retaining "the majority" of employees in other nearby locations. The company will also find jobs for the affected employees in nearby locations. Walgreens has been hit by challenges including reimbursement cuts and lower price increases for branded drugs. CNN Business added that Walgreens is planning on shuttering 200 of its Boots stores located in the United Kingdom, as well.
Last December, Walgreens embarked on a cost management program aiming to produce more than $1.5 billion in cost savings.
Rival CVS offered a far rosier outlook.