Walgreens will close a ‘significant' number of its 8,600 US locations

Walgreens, a struggling pharmaceutical chain in the US, is planning significant closures of underperforming stores as part of its optimization program. The exact number of closures has not been announced. The decision to close stores will focus on locations that are unprofitable, too close to each other, or facing issues such as theft. Walgreens’ shares fell nearly 17% in premarket trading, and the company has also slashed its full-year profit outlook. Sales for the quarter rose 2.6% to $36.4 billion, but retail sales fell 4%. Major drugstore chains have been struggling due to declining profits from prescription filling and competition from larger retailers. CVS and Rite Aid have also closed a significant number of locations in recent years.