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Walgreens to close 1,200 U.S. locations
Walgreens announced Tuesday that they were closing 1,200 U.S. locations “as the drugstore chain seeks to turnaround a struggling U.S. business that contributed to a $3 billion quarterly loss,” the AP reported.
“The company said Tuesday that about 500 stores will close in the current fiscal year and should immediately support earnings and free cash flow. Walgreens didn’t say where the store closings would take place,” the AP reported. “Company leaders said the initial wave of closings will take place mostly in the back half of its fiscal year, which started last month. Walgreens will prioritize poor-performing stores where the property is owned by the company, or where leases are expiring.”
Walgreens operates about 8,500 stores in the U.S.
(Magnolia Tribune)
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