Walgreens will close a ‘significant’ number of its 8,600 US locations

ALL THIS RHONDELLA. THEN WE DID THAT TEST DRIVE RIDE TO THE NEXT NEAREST WALGREENS EVEN BEFORE RUSH HOUR, THERE WAS A LOT OF TRAFFIC. EVEN AFTER THE CLOSURE HERE ON WARREN STREET, FOLKS ARE SHOWING UP. THAT MEANS EVERY PHARMACY IN THE AREA IS ABOUT TO GET A LOT BUSIER. THE MAYOR, THE REPRESENTATIVES, AYANNA PRESSLEY, PLEASE KEEP ON THESE PEOPLE FOR LETTING THESE THINGS IN. ROXBURY CLOSE. IT’S A SHAME THE WARREN STREET WALGREENS IS LOCKED UP, CLOSED DOWN FOR GOOD. THE DISABLED AND SENIORS SAY IT IS SICKENING. THEY’LL SUFFER THE MOST IN THE MIDDLE OF THE DAY. IT TOOK US EIGHT MINUTES TO DRIVE TO THE COLUMBUS AVENUE ALTERNATE WALGREENS ALL ARE NOW ELIGIBLE FOR FREE. SAME DAY HOME DELIVERY. BUT THAT’S NOT ENOUGH. WE ASKED THEM FOR $10 MILLION. SO THE SENIORS WOULD HAVE TRANSPORTATION FROM THEIR HOME TO THE PHARMACY. I NEED THAT. THEN THE PHARMACY IS OPEN. IT’S A SHAME, BUT UM I’M SORRY FOR THE PEOPLE WHO LIVES IN THIS AREA. NO, IT’S NOT OVER. AFTER A MONTH LONG PROTEST TO TRY TO SAVE THE WARREN STREET WALGREENS COMMUNITY MEMBERS NOW WANT TO SUE THE BASIS OF THE SUIT IS WHAT THEY CALL DISPARATE IMPACT. WE KNOW THAT THEY’VE BEEN, UH, BUILDING AND ESTABLISHING VILLAGE MEDICAL AT WALGREENS IN THE SUBURBS. IT IS COMMUNITIES WHO HAVE THE LEAST OTHER OPTIONS OF WHERE TO GET THEIR MEDICATIONS FILLED, WHERE THE PHARMACIES ARE CLOSING. BUT YOU’D HAVE TO TAKE THE BUS FROM HERE UP TO SEABURY BLUE OR TO DUDLEY TO COME BACK AROUND. IT’S JUST COMPLICATED. WHY DON’T YOU TAKE THE BUS? I DON’T TRUST IT BECAUSE I MIGHT FALL. MY LEGS GIVE OUT ON ME A LOT. IT’S GOING TO BE TOUGH. NOT JUST FOR ME, FOR OTHER PEOPLE TO. IT’S JUST TOUGH TO THINK ABOUT IT ALL. WHILE THE DOOR WAS BEING LOCKED HERE, THE BLACK MEN’S POLITICAL TASK FORCE WAS SITTING DOWN WITH LAWYERS FROM THE U.S. ATTORNEY’S OFFICE AND THE ATTORNEY GENERAL’S OFFICE TRYING TO BUILD A CASE BASED ON A REMEDY FOR THE PEOPLE OF THIS COMMUNITY AND IN THE NAME OF HEALTH EQUIT

Walgreens is set to close a substantial number of its roughly 8,600 locations across the United States as the company looks to reset the struggling pharmaceutical chain’s business.The company didn’t announce a specific number of store closures, but it said Thursday that it is planning “significant” closures of underperforming stores across America as part of a multiyear optimization program.Video above: Walgreens closure leaves Mass. neighborhood without local pharmacyCEO Tim Wentworth said in an interview with the Wall Street Journal that the store closures would make up a “meaningful percent” of the quarter-or-so locations that are underperforming. The closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft, Wentworth told the Journal.Walgreens’ shares fell nearly 9% in premarket trading, which also announced during its earnings that it has slashed its full-year profit outlook.“We continue to face a difficult operating environment, including persistent pressures on the U.S. consumer and the impact of recent marketplace dynamics which have eroded pharmacy margins,” Wentworth said in a press release. “Our results and outlook reflect these headwinds.”Major drugstore chains, including CVS and Rite Aid, have struggled in recent years because of declining profits from filling prescriptions. They’ve declined because of lower reimbursement rates for prescription drugs and new competition from Amazon.The front end of drugstores, where they sell snacks and household staples, also face pressure from larger competitors, including Target and dollar stores.In the past few years, CVS has closed about 900 locations and Rite Aid, which entered bankruptcy in October, closed more than 100.

Walgreens is set to close a substantial number of its roughly 8,600 locations across the United States as the company looks to reset the struggling pharmaceutical chain’s business.

The company didn’t announce a specific number of store closures, but it said Thursday that it is planning “significant” closures of underperforming stores across America as part of a multiyear optimization program.

Video above: Walgreens closure leaves Mass. neighborhood without local pharmacy

CEO Tim Wentworth said in an interview with the Wall Street Journal that the store closures would make up a “meaningful percent” of the quarter-or-so locations that are underperforming. The closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft, Wentworth told the Journal.

Walgreens’ shares fell nearly 9% in premarket trading, which also announced during its earnings that it has slashed its full-year profit outlook.

“We continue to face a difficult operating environment, including persistent pressures on the U.S. consumer and the impact of recent marketplace dynamics which have eroded pharmacy margins,” Wentworth said in a press release. “Our results and outlook reflect these headwinds.”

Major drugstore chains, including CVS and Rite Aid, have struggled in recent years because of declining profits from filling prescriptions. They’ve declined because of lower reimbursement rates for prescription drugs and new competition from Amazon.

The front end of drugstores, where they sell snacks and household staples, also face pressure from larger competitors, including Target and dollar stores.

In the past few years, CVS has closed about 900 locations and Rite Aid, which entered bankruptcy in October, closed more than 100.

Walgreens will close a ‘significant’ number of its 8,600 US locations

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