Walgreens to Shutter "Significant" Number of U.S. Stores

Pharmacy giant Walgreens has announced plans to close a significant number of its stores in the U.S. due to poor performance, overexposure, and theft issues. The company operates ~8,700 stores, and while the exact number of closures is unknown, a "meaningful percentage" is expected to shut down, said Walgreens Boots Alliance CEO Tim Wentworth.

From the WSJ interview with Wentworth:

"We're taking a very hard look at the bottom 20% of our stores. [...] We're going to be ruthless in this process."

Stock Plunge & Primary Care Exit

The news comes as Walgreens stock plunges over 20% in early trading after missing Wall Street expectations for Q3. The company is also reducing its stake in primary-care provider VillageMD, a move away from its previous healthcare expansion strategy.

Job Impact

On the impact to jobs, Wentworth told the WSJ:

"We think we'll be able to manage it in such a way where it doesn't result in a meaningful loss of jobs."

Full Statement

For the full statement, see the Walgreens Boots Alliance Q3 strategic review: [https://www. Investors. Walgreensbootsalliance. com/static-files/95d6fc93-b90b-44e0-b549-217e30dc670e](https://www. investors. walgreensbootsalliance. com/static-files/95d6fc93-b90b-44e0-b549-217e30dc670e)