An essential retailer with 8K locations is now closing additional stores nationwide in an effort to revitalize its struggling operations.
Walgreens is planning several store closures across its approximately 8,600 locations in the US.
The chain’s plans to close thousands of locations are still in place, with several stores already shuttered.
This is all in an effort to revitalize its struggling operations, per MSN.
Though specific numbers haven’t been disclosed, the company announced recently, per the outlet, that it will be implementing “significant” shutdowns for underperforming stores nationwide.
The move is part of a broader optimization strategy expected to span several years.
CEO Tim Wentworth told the Wall Street Journal that these closures are substantial.
They will affect a “meaningful percent” of the roughly one-fourth of less profitable locations, he said.
The focus will be on stores that are not profitable and too close to other Walgreens locations, Wentworth explained.
It also includes those that are experiencing ongoing theft issues.
Walgreens also lowered its full-year profit forecast, leading to a nearly 9% drop in pre-market trading shares, according to MSN.
“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 Wentworth.
“Our results and outlook reflect these headwinds,” he added.
“Approximately 25% of Walgreens stores are not contributing to our long-term strategy,” per a report shared by the outlet.
We’re finalizing an optimization program that we expect will include closing a significant portion of these locations over the next three years.
We are also taking a series of actions and making investments to enhance the customer and patient experience.”
Walgreens locations have permanently closed, temporarily closed, and closed down some of its pharmacies temporarily.
Here are the permanently shuttered locations:
- 606 Walnut St, Des Moines, IA 50309
- 124 E Main St, Newark, DE 19711
- 3301 Lancaster Pike, Wilmington, DE 19805
- 4201 Concord Pike, Wilmington, DE 19803
- 32979 Coastal Hwy, Bethany Beach, DE 19930
- 842 E Main St, Danville, IL 61832
- 210 E Barnett Rd, Medford, OR 97501
- 1900 Maryland Ave, Wilmington, DE 19805
- 5602 Pacific Ave, Tacoma, WA 98408
- 1805 N Brady St, Davenport, IA 52803
- 4220 Missouri Flat Rd, Placerville, CA 95667
- 840 El Camino Ave, Sacramento, CA 95815
- 1400 N Grand Blvd, St. Louis, MO 63106
- 14048 Woodward Ave, Highland Park, MI
- 25 Peachtree St, Atlanta, GA 30303
- 4121 Hoover Ave, Dayton, OH 45402
- 6199 Sunrise Blvd, Citrus Heights, CA 95610
- 78 Main St, Westfield, MA 01085
- 918 Riverview Dr, Kalamazoo, MI 49048
Here are the locations with temporarily closed pharmacies:
- 1st St, Tulsa, OK 74133
- Baseline Rd, Little Rock, AR 72209
- 6000 S Pennsylvania Ave, Oklahoma City
- 7601 Cantrell Rd, Little Rock, AR 72227
- 2727 NE Hwy 20, Bend, OR 97701
- 3601 16th St, Moline, IL 61265
There is only one temporarily closed location at 5300 N Braeswood Blvd, Houston.
The front end and pharmacy will be reopening in this location, according to MSN.
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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois
Other Economy News Today
An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.
TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.
This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.
The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.
Today, Fridays will welcome in famished diners at its location in Brick for the final time.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.
“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”
Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.
“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.
“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.
Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.
The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.
“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.
Also Read: Retirees Will Now Receive More Money For Social Security
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