By Rebecca Cooper – Senior
Staff Reporter, Washington Business Journal August 7, 2019
Walgreens
parent company said it would close hundreds of stores in the U.S just a few
months after it said it would close a similar number in the U.K.
The
drugstore giant will close around 200 stores in the U.S., the company said in
Securities and Exchange Commission disclosures Tuesday.
The
news followed an earlier announcement that Walgreens’ parent company, Walgreens
Boots Alliance (NASDAQ: WBA) of Deerfield, Illinois, would close a similar
number of stores in the United Kingdom.
The
U.S. closures are part of a “transformational cost management program” expected
to save the company $1.5 billion by 2022. The closures come after Walgreens
Boots conducted a comprehensive review of Walgreens’ U.S. real estate
footprint, according to the filing.
The
announcement did not disclose the list of Walgreens stores that would close,
and the company does not intend to publish one, according to a CNBC
report.
The 200
stores are just a small portion of Walgreens’ total U.S. portfolio; it had more
than 9,500 stores in the U.S. at this time last year.
Walgreens
has dozens of stores across the Philadelphia area.
No comments:
Post a Comment