Walgreens to take a hard look at underperforming stores, could shutter hundreds more

CEO Tim Wentworth told analysts Thursday morning that “changes are imminent” for about 25% of the company's stores, which he said were underperforming. The drugstore chain currently runs more than 8,600 in the United States.

Walgreens and major competitors like CVS and Rite Aid — which is going through a bankruptcy reorganization — have been closing stores as they adjust to an array of challenges to their businesses. They include include years of tight reimbursement for their prescriptions and rising costs for running their locations.

Walgreens also has been closing VillageMD primary care clinics it had been installing next to its stores in order to grow its presence as a health care provider. The company had launched an aggressive expansion of those clinics under previous CEO Rosalind Brewer. But Walgreens said in March that it was reversing course and closing around 160 of the clinics.

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