Business & Tech

Walgreens Closing 'Significant Number' Of Stores: See CA Impacts

The pharmacy chain's CEO said it will close underperforming stores after reporting its third-quarter finances.

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Walgreens' chief executive officer said the pharmacy chain will close a "significant number" of stores.
Walgreens' chief executive officer said the pharmacy chain will close a "significant number" of stores. (Scott Anderson/Patch)

CALIFORNIA — Walgreens has announced it will close a "significant number" of underperforming stores, following Rite Aid and others as pharmacy chains across the country continue to shrink.

The company operates more than 580 locations in California, the second most of any state behind Florida.

Illinois-based Walgreens Boots Alliance announced Wednesday it is finalizing a "significant multiyear footprint optimization program" to close underperforming stores.

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"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, CEO of WBA, in the company's third quarter results report. "Our results and outlook reflect these headwinds, despite solid performance in both our International and U.S. Healthcare segments."

As of the announcement, Walgreens has not listed what stores will close in what states.

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According to the third quarter report, WBA sales increased 2.6 percent from the year-ago quarter to $36.4 billion, an increase of 2.5 percent on a constant currency basis, "reflecting sales growth across all segments."

The company announced last October it would be implementing cost-cutting measures to the tune of at least $1 billion. In the last year, WBA has had several rounds of corporate layoffs.

The full list of California cities with Walgreens locations includes:

Patch Staff Writers Eric DeGrechie and Dino Ciliberti contributed to this story.

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