Walgreens just weeks away from closing down five more locations in same city after chain admits nearly 500 will shut
Walgreens, a troubled pharmacy chain, has declared that it will close further locations in the coming weeks.
In February, five Chicago businesses will permanently close.
Following a string of closures announced by the corporation last October, these are the most recent locations to leave.
Tim Wentworth, the CEO of Walgreens Boots Alliance, announced that many shops would close as part of a recovery plan aimed at boosting the retailer’s finances.
He also intends to start a $1 billion cost-cutting initiative and fire some executives.
Chicago locations will all be closed from February 17 until February 27.
Read more on Walgreens
Walgreens locations smacked with closing signs across US
Walgreens confirms it’s closing 12 stores in one city – with 488 more over US
“Our retail pharmacy business is central to our go-forward business strategy,” a Walgreens representative told The US Sun.
However, our capacity to pay for the expenses related to rent, staffing, and supply needs is being hampered by growing regulatory and reimbursement pressures.
The firm had previously stated that 500 stores will be closed this year, and that 1,200 sites would close during the three years ending in 2027.
According to the spokeswoman, closing stores was not a simple decision.
We make every effort to enhance store performance because we recognize the significance of our stores to the communities we serve.
To reduce consumer interruptions, we will collaborate with community stakeholders when closures are required, such as those in Chicago.
The spokesperson also confirmed the company intends to redeploy the majority of team members from the shuttered stores.
FINANCIAL RESULTS
Last Monday, Walgreens revealed its 2025 first quarter numbers, which showed a 7.5% year-over-year rise in sales.
Wentworth commented: “Our first quarter results reflect our disciplined execution against our 2025 priorities: stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow and continuing to address reimbursement models.
Walgreens Chicago closures
WESTERN AVE, 7111 S
W 26th St., 4005
S. Commercial Avenue, 9148
3405 S. King Drive
7109 S JEFFERY BLVD
Walgreens is the source.
“While our turnaround will take time, our early progress reinforces our belief in a sustainable, retail pharmacy-led operating model.”
Net loss was $265 million compared to $67 million net loss in the first quarter last year.
This was mainly driven by higher operating loss, said the company.
As of August 2024 Walgreens had more than 8,000 locations across the country.
One in seven of these will have closed down by 2027.
Read More on The US Sun
Israel is ‘on the brink’ of ceasefire deal with terrorists Hamas, Biden says
LeBron James in surprise LA Lakers exit talk as NBA rivals line up trade
A few days ago it was revealed that 12 stores inSan Franciscowould close for good next month.
While just after Christmas the company announced the shuttering ofthree locationsinSacramento.