{"id":2355130,"date":"2024-10-15T10:49:01","date_gmt":"2024-10-15T14:49:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/walgreens-announces-plan-to-close-1200-stores-amid-financial-turmoil\/"},"modified":"2024-10-15T10:52:30","modified_gmt":"2024-10-15T14:52:30","slug":"walgreens-announces-plan-to-close-1200-stores-amid-financial-turmoil","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/walgreens-announces-plan-to-close-1200-stores-amid-financial-turmoil\/","title":{"rendered":"Walgreens Announces Plan to Close 1,200 Stores Amid Financial Turmoil"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwalgreens-announces-plan-to-close-1200-stores-amid-financial-turmoil%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2355130&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Walgreens \u2064plans to close approximately 1,200 locations \u2064in the United States over the next three years as part of \u2063a strategy to revitalize its struggling business.\u2062 The \u200bcompany announced that around 500 \u200bof these closures will occur within the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/most-of-bidens-1-9-trillion-coronavirus-relief-bill-has-nothing-to-do-with-public-health\/\" title=\"Most Of Biden\u2019s .9 Trillion Coronavirus Relief Bill Has Nothing To Do With Public Health\">current fiscal year<\/a>, aiming to enhance adjusted \u200dearnings and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/climate-change-activists-press-u-s-oil-producers-to-reduce-drilling-as-demand-surges\/\" title=\"Climate Change Activists Press U.S. Oil Producers to Reduce Drilling as Demand Surges\">free cash flow<\/a>. Walgreens,\u2062 which operates about 8,500 stores in the \u200cU.S., has been <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rugby-rfu-suspends-worcester-from-all-competitions-amid-financial-issues\/\" title=\"Rugby-RFU suspends Worcester from all competitions amid financial issues\">facing financial challenges<\/a>, \u2063including tight prescription reimbursement and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/red-states-chart-faster-economic-recovery-than-blue-states\/\" title=\"Red States Chart Faster Economic Recovery Than Blue States\">rising operational costs<\/a>.<\/p>\n<p>The chain&#8217;s leadership is finalizing a turnaround plan that involves shutting \u2064down hundreds of underperforming \u2064stores, including 300 already approved for closure under an earlier\u200b cost-cutting initiative. Walgreens CEO Tim Wentworth emphasized that the fiscal year 2025 will be crucial for the company&#8217;s recovery efforts, which could lead to long-term financial and consumer benefits.<\/p>\n<p>Moreover, Walgreens is reevaluating its U.S. healthcare business \u2064and may consider selling\u2062 its \u200cVillageMD clinic operations\u200b after initially planning significant\u200c expansions. Following a substantial \u200bnet \u200dloss\u2062 of over $3 billion in the last quarter of 2024, the company anticipates adjusted earnings\u2062 to decline in the upcoming fiscal year. \u200dDespite these challenges, Walgreens&#8217; stock saw a slight increase after the announcement, and analysts project modest earnings growth in the future.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section> <script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><\/p>\n<p>Walgreens plans to close about 1,200 locations over the next three years as the drugstore chain seeks to turnaround its struggling U.S. business.<\/p>\n<p>The company said Tuesday that about 500 <a href=\"https:\/\/www.westernjournal.com\/top-convenience-store-chain-announces-huge-wave-closures-400-locations-permanently-shuttered\/\" target=\"_blank\" rel=\"noopener\">store closures<\/a> will come in the current fiscal year and should immediately support adjusted earnings and free cash flow. Walgreens didn&rsquo;t say where the store closings would take place.<\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/momentum-builds-around-important-conservative-boycotts-yet-cvs-walgreens\/\" target=\"_blank\" rel=\"noopener\">Walgreens<\/a> operates about 8,500 stores in the United States and a few thousand overseas. All of the stores that will be closed are in the United States.<\/p>\n<p>Walgreens Boots Alliance Inc. leaders said in late June that they were finalizing a turnaround plan for its U.S. business, and that push could result in the closing of hundreds of underperforming stores.<\/p>\n<p>The plan announced Tuesday includes the closing of 300 stores that had been approved under a previous cost-cutting plan.<\/p>\n<p> <script type=\"text\/javascript\"> \t\t\tif ( getCookie( \"ff_subbed\" ) ) { \t\t\t\tdocument.getElementById(\"stnvideo\").remove() \t\t\t} \t\t<\/script> <\/p>\n<p>Walgreens CEO Tim Wentworth said in a statement that fiscal 2025, which began last month, will be an important &ldquo;rebasing year&rdquo; for the drugstore chain.<\/p>\n<p>&ldquo;This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term,&rdquo; he said.<\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/sf-walgreens-infamous-padlocking-frozen-foods-now-putting-chewing-gum-lock-key\/\" target=\"_blank\" rel=\"noopener\">Walgreens<\/a>, like its competitors, has been struggling for years with tight reimbursement for the prescriptions it sells, as well as other challenges like rising costs to operate its stores.<\/p>\n<p>The Deerfield, Illinois, company also has been backing away from a plan to add primary care clinics next to some if its stores after launching an aggressive expansion under previous CEO Rosalind Brewer.<\/p>\n<p>Walgreens said in August that it was reviewing its U.S. healthcare business, and it might sell all or part of its VillageMD clinic business. That announcement came less than two years after the company said it would spend billions to expand the business.<\/p>\n<p>The company started 2024 by cutting the dividend it pays holders to get more cash to grow its business. The drugstore chain then slashed its forecast for fiscal year 2024 in June.<\/p>\n<p>Walgreens said Tuesday that its net loss swelled to more than $3 billion in the final quarter of 2024. Adjusted earnings totaled 39 cents per , and sales grew 6 percent in the quarter to $37.5 billion.<\/p>\n<p>That topped Wall Street expectations. Analysts expect, on average, earnings of 36 cents per  on $35.75 billion in revenue in the fiscal fourth quarter, according to FactSet.<\/p>\n<p>The company also said it expects adjusted earnings in the new fiscal year to fall between $1.40 and $1.80 per , with growth in its U.S. healthcare and international businesses countering the U.S. retail pharmacy decline.<\/p>\n<p>For the fiscal 2025, analysts expect adjusted earnings of $1.72 per .<\/p>\n<p>Walgreens s jumped 5 percent Tuesday in early morning trading.<\/p>\n<p style=\"font-style: italic;\">The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\">  <\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> <label>* Name<\/label> <br \/> <input type=\"text\" name=\"name\" required> <\/div>\n<div class=\"sc--field\"> <label>* <\/label> <br \/> <input type=\"text\" name=\"\" required> <\/div>\n<p> <label>* Message<\/label> <br \/> <textarea name=\"message\" required><\/textarea>  <\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> <input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\">  <\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> <script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! ( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script>  <\/div>\n<p style=\"border: 1px solid #f5f5f5; padding: 16px;\">Advertise with The Western Journal and reach millions of highly engaged readers, while supporting our work. <a href=\"https:\/\/www.westernjournal.com\/advertise-us\/?wj_source=article\">Advertise Today<\/a>.<\/p>\n<p><script>console.log(\"ad slot (BA1)\")<\/script> <\/p>\n<div class=\"ff-fancy-header-container\">  <\/div>\n<style> \t\t\t \t\t\t.insticator-unit.type-commenting{margin: 0 10px 25px 10px}@media screen and (max-width:1060px){#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{margin: 0 auto 25px auto !important;}}#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{height: 280px !important; width: 336px !important} \t\t<\/style>\n<div class=\"insticator-unit type-commenting\">\n<div class=\"insticator-ads\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-1\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-2\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-1\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-2\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<div class=\"insticator-ads additional\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-3\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-4\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-3\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-4\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Walgreens intends to shut down approximately 1,200 stores over the next three years in an effort to revitalize its struggling U.S. operations. The company announced on Tuesday that around 500 of these closures will occur in the current fiscal year, which is expected to positively impact adjusted earnings and free cash flow. However, Walgreens did not disclose the specific locations of the closures. Currently, Walgreens operates about 8,500 stores in the U.S. and several thousand internationally, with all planned closures occurring within the United States. In late June, leaders at Walgreens Boots Alliance Inc. indicated they were finalizing a plan for a turnaround that could involve closing hundreds of underperforming locations; this plan includes shutting down 300 stores previously approved for closure as part of cost-cutting measures.<\/p>\n<p>CEO Tim Wentworth stated that fiscal year 2025 will be crucial for restructuring efforts at Walgreens. He expressed confidence that this turnaround would take time but would ultimately provide significant financial and consumer benefits in the long run.<\/p>\n<p>Like many competitors, Walgreens has faced challenges such as low reimbursement rates for prescriptions and rising operational costs. The company has also shifted away from plans to expand primary care clinics adjacent to some stores after an aggressive growth strategy initiated by former CEO Rosalind Brewer.<\/p>\n<p>In August, Walgreens announced it was reviewing its U.S. healthcare business and might sell all or part of its VillageMD clinic operations\u2014this came less than two years after committing billions to expand this sector. To improve cash flow for growth initiatives, Walgreens began 2024 by reducing dividends paid to shareholders and subsequently lowered its fiscal year 2024 forecast in June.<\/p>\n<p>The company reported a net loss exceeding $3 billion in Q4 of fiscal year 2024 but saw adjusted earnings reach $0.39 per share with sales increasing by 6% to $37.5 billion\u2014surpassing Wall Street expectations where analysts had predicted earnings of $0.36 per share on revenues of $35.75 billion.<\/p>\n<p>Looking ahead into fiscal year 2025, Walgreens anticipates adjusted earnings between $1.40 and $1.80 per share as growth from its U.S healthcare services and international businesses offsets declines in retail pharmacy sales; analysts project adjusted earnings at around $1.72 per share for this period<\/p>\n","protected":false},"author":1,"featured_media":2355131,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/10\/eeadaa71011448e8a82480bc2bfebbdc-817x429.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[40104,43049,34849,33086,17434],"class_list":["post-2355130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-corporate-news","tag-financial-turmoil","tag-retail-industry","tag-store-closures","tag-walgreens"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/10\/eeadaa71011448e8a82480bc2bfebbdc-817x429.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2355130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2355130"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2355130\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2355131"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2355130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2355130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2355130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}