Article

2024-06-28 Economy

Walgreens will shut 'significant' number of 8,700 US stores

[Daily Mail, where America gets its news] Walgreens is to set to close a 'significant' number of its 8,700 US stores, it said Thursday.

The news came as the company - which also operates under the Duane Reade banner - cut its profit forecast for fiscal year 2024 as shoppers continue to cut spending its stores.

Bosses did not specify an exact number or where the closures would be.

But it could shutter a 'meaningful percent' of the stores of the quarter-or-so locations that are underperforming, CEO Tim Wentworth said in an interview to the Wall Street Journal.

Closures will focus on stores that aren't profitable, are too close to each other or are struggling with theft. It is not yet clear which ones will be affected.

Shares of the Illinois-based company fell more than 15 percent in premarket trading, after having declined 40 percent for the year so far.

Walgreens is to blame for slumping sales by having 'lackluster' deals and high prices, retail expert Neil Saunders, managing director of GlobalData, said.

Posted by Skidmark 2024-06-28 00:00|| || Front Page|| [11133 views ] Top

#1 How many Walgreens are in the state that do not prosecute shoplifting?

Inquiring minds, you know?

Posted by Bobby 2024-06-28 08:02|| 2024-06-28 08:02|| Front Page Top

#2 are too close to each other

In my little 'Burg of 60,000 they built 2 Walgreens within a couple miles of each other. One shut down within a year and is still vacant

Posted by Frank G 2024-06-28 08:44|| 2024-06-28 08:44|| Front Page Top

#3 "too close" About 15 years ago I noticed an explosion of newly built drug stores in my area, it was remarkable then, but none remarked on it. About 3/4 of them have since closed. The expansion seemed senseless at that time.

Posted by Gromble+Dribble4342 2024-06-28 10:10|| 2024-06-28 10:10|| Front Page Top

#4 Ditto the above in pre- and post-K NOLA. Second drugstores (albeit different companies) on certain corners. And for months now at local SoCal K&B... "Dude, where's my Mint Milanos?" Not that they've stocked 'em, or any other cookies, in forever. "Uh, we've got a truck coming in Thursday... you could try back then." Like Gaza! Was amazed recently, kidding a cashier about it, to learn that management had her convinced that Steiner kommt. Sure, who knows?

Posted by Pancho Poodle8452 2024-06-28 14:33|| 2024-06-28 14:33|| Front Page Top

#5 Don't forget outstanding liabilities -

CVS and Walgreens have tentatively agreed to pay a combined $10 billion to settle lawsuits brought by states and local governments alleging the retailers mishandled prescriptions of opioid painkillers.

Posted by Procopius2k 2024-06-28 16:08|| 2024-06-28 16:08|| Front Page Top

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