Walgreens said the closures will affect about 3% of its U.S. footprint. The company operates roughly 10,000 drugstores nationwide.
. and review its U.S. footprint where Walgreens operates roughly 10,000 drugstores.
The new U.S. store closures represent less than 3% of its stores, Walgreens said in a statement, adding that it anticipates "minimal disruption to customers and patients." It said it anticipates retaining "the majority" of employees in other nearby locations. Walgreens hopes to save $1.5 billion in annual cost savings by fiscal 2022 in what it's calling the "transformational cost management program." Walgreens expects to record a $1.9 billion to $2.4 billion hit related to real estate, severance and other costs, it said in the filing.
"As previously announced, we are undertaking a transformational cost management program to accelerate the ongoing transformation of our business, enable investments in key areas and to become a more efficient enterprise," the company said in a statement.
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