Walgreens Closing 200 Stores Across the United States

Attention shoppers, you may need to find a new local pharmacy for your everyday needs. News [...]

By Kyle Phillippi

Attention shoppers, you may need to find a new local pharmacy for your everyday needs. News surfaced today that Walgreens will be taking quite a hit as a reported 200 stores are set to close in the United States.

"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 announced in an official statement.

So which locations can consumers expect to see go dark? That question remains to be seen as a company spokesman said there's no prepared list to release as to which stores will be shut down. The spokesman did not provide any additional information as to what states could be hit, either.

The thought process behind the closures comes down to finances. Walgreens is attempting to save upwards of $1.5 billion in annual expenses by fiscal 2022, according to CNBC. The article adds that the statement goes on to say that the company expects, "minimal disruption to customers and patients."

The employees of the stores being shut down don't appear to be in jeopardy, either, as the statement noted that it's anticipated that "the majority" will remain within the company and be relocated to other locations.

In the overall picture, closing 200 stores isn't going to do much damage for Walgreens. The company said that figure makes up just 3 percent of their stores. There are 10,000 locations in the U.S.

In the company's history, though, shutting down that many stores in one fell swoop hasn't been done since 2015 when it previously shuttered 200 locations.

The shopping climate has certainly had a shift in its approach this decade as more and more consumers are going the digital route and making their purchases online. There will always be a place for pharmacies, however even that market is taking a hit with the consumers' change.

Earlier in the year it was announced that Walgreens was also cutting 200 of their stores in the United Kingdom. One of their competitors, CVS has also made cutbacks over the years as they closed 46 stores earlier in the year. That number represented only 1 percent of their reach as they boast approximately 9,600 locations.

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