Walgreens to shutter 76 unprofitable stores

By Kyle Johnson,

Walgreens Co. announced on Tuesday that it will be shuttering 76 unprofitable stores between now and August.

The move will help the chain drugstore save around $45 million for the next fiscal year, reports the Chicago Tribune.

No specific locations have been confirmed, merely that they are "spread across the country." Walgreens wants time to inform employees at the respective stores before further announcements.

CEO Greg Wasson spoke with investors said that the move will "optimize our footprint and ensure our stores remain at the best corners of America."

The Los Angeles Times reports that Walgreens currently has 8,210 stores across the U.S. and 14 of the 76 stores selected for closure will be in the west.

The plan is to move employees whose stores are to be closed to other locations.

While speaking with the investors, Walgreens admitted that the drugstore chain's second quarter profits dipped to $754 million, but overall stock rose following the call to $67.09 a share.

Wasson added that there are no plans to follow in CVS Caremark's footsteps and halt sales of tobacco products.



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