Walgreens closing Hundreds of Stores 

By Dana Malcolm 

Staff Writer 

#USA, July 17, 2023 – Major US Pharmacy chain Walgreens, is closing hundreds of stores in an attempt to save money. The company made the announcement in their earnings call for the period ending March 31, 2023, indicating that 150 US Stores would be on the chopping block and 300 would be shuttered in the UK.

The pharmacy had a massive drop in their profits for the period. They made 118 million, a 171 million decline over the same period last year. They had to pay out billions of dollars in lawsuits over Opioids and saw an 83 percent drop in COVID vaccinations which also hit their income.

James Kehoe, Chief Financial Officer of the company maintained that they were very committed to maintaining their investment grade rating and dividend, and expected to save at least $4.1 billion by 2024, aided by cost cutting measures including the closures.

He said $3.3 billion would be saved this year and another $800 million by next year with the massive closures.

In addition to the shutting stores, 500 roles were eliminated or made redundant from the company’s corporate offices.

With over 8,000 stores in the US alone, the company has given no indication which ones will be closed down.