Closing a ton of stores never sounds like a good thing for any business, but here's what's happening with Walgreens as they announce mass closures. WYFF4 had some of the details behind the mass closures with Walgreens:
The company didn’t announce a specific number of store closures, but it said Thursday that it is planning “significant” closures of underperforming stores across America as part of a multiyear optimization program.
CEO Tim Wentworth said in an interview with the Wall Street Journal that the store closures would make up a “meaningful percent” of the quarter-or-so locations that are underperforming. The closures would focus on locations that aren’t profitable, too close to each other or stores struggling with theft, Wentworth told the Journal.
Walgreens’ shares fell nearly 9% in premarket trading, which also announced during its earnings that it has slashed its full-year profit outlook.
