Walgreens says it expects that close 150 stores nationwide and 300 stores in the UK, according to reports.
Walgreens Boots Alliance CFO James Kehoe announced the closings during the pharmaceutical company’s earnings call on June 27.
FOX television stations have reached out to Walgreens for comment.
The Chicago-based company, which operates nearly 9,000 stores in the United States, is expected to close 150 locations on Aug. 31, 2024, at the end of its next fiscal year, CNN noted.
However, Walgreens hasn’t said which stores are closing, according to USA Today.
USA Today reported it Walgreens is also cutting more than 500 corporate staff jobs as part of a cost saving strategy.
Quoting a transcript from the earnings callreported CNN which Kehoe shared that the company lowered its earnings expectations for the year, but Walgreens expects to have saved $3.3 billion by the end of 2023 and another $800 million in 2024.
Walgreens done $118 million in net income and is facing declining consumer spending and lower demand for COVID-19 vaccines, CNN reported.
This story was reported from Washington, DC