Walgreens to close 200 stores
The Walgreens drugstore chain plans to close 200 stores across the United States, and in Puerto Rico and the U.S. Virgin Islands, the company said Thursday.
The chain has about two dozen locations in Central Massachusetts, including several in Worcester. The company has yet to determine which stores will close.
Deerfield, Ill.-based Walgreen Boots Alliance — created by a December 2014 merger between Walgreens and Alliance Boots — has about 8,300 stores, Fortune reported Thursday.
The company is closing the stores to save $1.5 billion in expenses. Walgreens had said last summer it was planning to cut costs.
Executive Vice Chairman and Acting CEO Stefano Pessina said in a statement Thursday that the company’s most recent fiscal quarter, which ended Feb. 28, "marked a solid start for our new company. … At the same time, we understand the work that is needed to proactively address headwinds such as reimbursement pressure and competition. Our work includes several key areas of focus to create value.”
The company also said it was expanding its cost restructuring program through fiscal 2017.
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