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| Economy |
| Walgreens will shut 'significant' number of 8,700 US stores |
| 2024-06-28 |
| [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. |
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