'Significant' Number Of Walgreens Closures Pending: What To Know In RI

RHODE ISLAND — Walgreens announced a "significant multiyear footprint optimization program" that will include the closure of underperforming stores across the United States.

This comes after the release of the company's third-quarter financial report, with the public learning from Walgreens Boots Alliance that the company's roughly 8,600 Walgreens and Duane Reade stores are under a microscope.

"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."

In an interview with the Wall Street Journal, Wentworth said WBA will close a "significant share" of its U.S. stores.

Massachusetts has seen a few Walgreens locations close recently, including a controversial closing in Boston's Roxbury neighborhood, which left locals feeling hung out to dry.

It is not clear if any of Rhode Island's locations will close. Rhode Island has stores in 23 communities across the state.

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.

"Informed by our strategic review, we are focused on improving our core business: retail pharmacy, which is central to the future of healthcare," Wentworth said. "We are addressing critical issues with urgency and working to unlock opportunities for growth. Many of these actions will take time, but I am confident that we have the right team and the right strategy to lead a business turnaround for the Walgreens that our customers and patients need."

With reporting from Eric DeGrechie.