06-27-2024, 04:14 PM
Seems like every grocery store has opened a pharmacy. Too bad the competition in pharmacies does little to nothing to lower drug prices.
The retail pharmacy giant expects to close a “significant portion” of its 8,600 U.S. locations over the next three years.
https://wapo.st/4chfeK4
Walgreens will close a “significant portion” of its 8,600 U.S. locations over the next three years as it struggles to keep up with a rapidly evolving retail pharmacy industry, the company announced Thursday.
“We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require we approach the market differently,” Walgreens chief executive Timothy Wentworth said Thursday during the company’s quarterly earnings call. “We do not expect an improvement in the U.S. retail environment.”
The Deerfield, Ill.- based pharmacy giant said 25 percent of its stores are underperforming and will be considered for closure. The majority of employees will be moved to other stores, Wentworth said.
While the company did not identify specific locations to close, the scope of the move could put more Americans at risk of living in pharmacy deserts.
Over the last two years, the nation’s largest pharmacy chains have been closing stores. Since February, Walgreens has closed 484 stores in the United States. Rite Aid, which filed for bankruptcy last year, has closed more than 500 stores. CVS has closed about 300 stores this year after announcing in 2021 that it would shutter 900 stores across three years.
The retail pharmacy giant expects to close a “significant portion” of its 8,600 U.S. locations over the next three years.
https://wapo.st/4chfeK4
Walgreens will close a “significant portion” of its 8,600 U.S. locations over the next three years as it struggles to keep up with a rapidly evolving retail pharmacy industry, the company announced Thursday.
“We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require we approach the market differently,” Walgreens chief executive Timothy Wentworth said Thursday during the company’s quarterly earnings call. “We do not expect an improvement in the U.S. retail environment.”
The Deerfield, Ill.- based pharmacy giant said 25 percent of its stores are underperforming and will be considered for closure. The majority of employees will be moved to other stores, Wentworth said.
While the company did not identify specific locations to close, the scope of the move could put more Americans at risk of living in pharmacy deserts.
Over the last two years, the nation’s largest pharmacy chains have been closing stores. Since February, Walgreens has closed 484 stores in the United States. Rite Aid, which filed for bankruptcy last year, has closed more than 500 stores. CVS has closed about 300 stores this year after announcing in 2021 that it would shutter 900 stores across three years.
