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8/7/2019, 12:41 AM (Source: TeleTrader)
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Walgreens to close 200 US stores

Walgreens Co. will close 200 stores in the United States, the company announced on Wednesday.

In a filing to the Securities and Exchange Commission, the company said that it hoped to save around $1.5 billion in costs by fiscal 2020 in what it termed a "transformational cost management program." It added that the closures represented less than 3% of its stores and that it anticipated "minimal disruption to customers and patients" and that it would retain "the majority" of employees in other nearby locations.

The news comes after media reported at the end of June that Walgreens' parent company Walgreens Boots Alliance Inc. will close 200 Boots stores in the United Kingdom over the next 18 months. It likewise stated that no staff would be affected and that the majority of stores earmaked for closure were within walking distance of other Boots stores.

Breaking the News / DZ