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Walgreens is planning on closing 450 stores in 2025.
About 1,200 stores are being closed over the next three years.
Walgreens is continuing to close stores as part of its turnaround plans.
The thinning of Walgreens locations has been in the works. Walgreens said in October 2024 it planned to close about 1,200 underperforming stores across the U.S. as a strategy to offset declining profits resulting from low drug reimbursement rates and sluggish retail sales.
The strategy made sense, because about 25% of Walgreens stores were “not currently contributing to our long-term strategy,” Walgreens Boots Alliance Inc. CEO Timothy Wentworth said in June 2024 during a call with investment analysts about the company’s quarterly financials.
Those 1,200 stores will be closed over three years, with about 500 to be closed in the company’s fiscal year 2025, which ends in August 2025, Walgreens said.
The company closed 70 stores in its first quarter of fiscal 2025, which ended Nov. 30, 2024, Wentworth said Friday in an analyst conference call. Walgreens plans to close about another 450 stores through the end of 2025, he said.