Pharmaceutical Giant Walgreens To Shut Down 1,200 Stores
4 weeks ago
Walgreens has announced that it’s shutting down 1,200 stores over the next three years as the pharmaceutical giant continues to struggle because of high inflation and low consumer spending.
Pharmacy chains are facing some of the toughest times as Walgreen’s stock is trading near 30-year lows and down 65% this year, making it the worst performing stock on the S&P 500 index.
The new CEO has made a series of changes since taking on the top job last year, including cutting the workforce, and initiating a $1 billion cost-cutting program.
The closures were announced back in June but the company had not disclosed the number of affected stores at that time.
Pharmacy chains are facing some of the toughest times as Walgreen’s stock is trading near 30-year lows and down 65% this year, making it the worst performing stock on the S&P 500 index.
The new CEO has made a series of changes since taking on the top job last year, including cutting the workforce, and initiating a $1 billion cost-cutting program.
The closures were announced back in June but the company had not disclosed the number of affected stores at that time.
