IE Business Daily Business news for the Inland Empire.
Walgreens will close 1,200 stores in the next three years, starting with 500 closings next year, the company has announced.
The Deerborn, Ill.-based pharmacy chain will shutter about 14 percent of its U.S. locations and reassign most of the employees in those sites, according to multiple reports.
Exact locations were not disclosed.
The cost-cutting move is meant to help rebuild retail pharmacy, the company’s core business. About one-quarter of the company’s stores reportedly do not turn a profit.
Walgreens reported a $3 billion loss during the previous quarter, despite a six percent increase in sales.
During the past few years, Walgreens has been losing business to Amazon, Walmart, Costco, grocery and dollar stores, the reports stated.
