Walgreens to close stores

Walgreens will close many of its 8,600 U.S. stores, as the company looks to reorganize.

A specific number was not released, but the struggling pharmaceutical company did say it expects to close a “significant” number of underperforming stores, according to a statement released June 27.

“We continue to face a difficult operating environment, including persistent pressures on the U.S. consumer and the impact of recent marketplace dynamics which have eroded pharmacy margins,” said Tim Wentworth, Walgreens’ chief executive officer, in Walgreens’ earnings statement for the company’s third quarter, which ended May 31.

“Our results and outlook reflect these headwinds, despite solid performance in both our International and U.S. healthcare segments.”

Specific store closings, and a timeline for that action, were not announced.