Walgreens Boots Alliance Inc., which operates the Walgreens pharmacy chain, said Tuesday it plans to close 1,200 locations nationwide in the wake of a $3 billion quarterly loss.
With approximately 8,500 pharmacy locations, the closings would amount to 14% of Walgreens stores nationwide. In Connecticut, Walgrens operates stores in 74 communities, according to its website, including more than one in some locations.
Which specific stores will close were not disclosed, but about 500 of the affected stores will close in the current fiscal year, the company said. It added that 300 of the stores that will close were previously selected under an earlier cost-cutting plan.
In March, Deerfield, Illinois-based Walgreens announced plans to close a Connecticut distribution center and lay off 322 workers.
Walgreens on Tuesday posted substantial losses for both the fourth quarter and full fiscal year for 2024. For the quarter, the company reported a net loss of $3 billion, or $3.48 per common share, compared to a loss of $180 million, or 21 cents per common share, for the same quarter last year.
For the full fiscal year, Walgreens reported a net loss of $8.64 billion, or $10.01 per share, compared to a loss of $3.08 billion, or $3.57 per common share, in fiscal 2023.
Walgreens CEO Tim Wentworth said the company in fiscal 2025 will focus on “stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow, and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future.”
