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Walgreens To Shutter 200 US Stores
Walgreens announced today that it would shutter 200 US stores. The move comes on the heels of the drugstore chain's $5.3B acquisition of the similar European chain Alliance Boots and will contribute to Walgreens' goal of cutting $1.5B over the next three years. The company had previously announced a $1B cost reduction goal. Walgreens current operates 8,232 stores in the US, making it the nation's largest drugstore chain (CVS slightly trails it). The company did not specify when the store closings would take place or where they would be targeted. With its $1.1B purchase of New York's ubiquitous Duane Reade chain, Walgreens picked up 257 locations in the five boroughs, though they still bear the Duane Reade name.
