Walgreens is reducing the number of stores in its portfolio as part of a cost-cutting strategy to streamline its core retail pharmacy business. The recent announcement followed Walgreens revealing a net loss of $3 billion in the fourth quarter of 2024, up from $180 million a year prior.
As a result of the losses, Walgreens says it is implementing its “Footprint Optimization Program,” which will close nearly 300 stores across the United States.
Reasons for closures include underperformance, store redundancy, and high operational costs, exacerbated by regulatory pressures and legal settlements, such as those related to opioid litigation…