Walgreens reportedly announced June 21 that it plans to shut down a substantial number of its pharmacies in an attempt to cut costs and close underperforming stores.
Shares of Walgreens fell more than 20% Thursday after the company reported that fiscal third quarter earnings fell short of expectations. The company said it plans to close underperforming stores in the coming years among other cost-cutting efforts, CNBC reported Thursday.
The collapse of #walgreens has been unlike anything I’ve ever seen in big retail.
It’s down 24% today and has now lost 80% of its value in under 5 years.
This is America’s largest pharmacy chain .. with over 8,500 stores & more than 300,000 employees.
Simply insane. pic.twitter.com/alOmhLWKkO
— Brian Sullivan (@SullyCNBC) June 27, 2024
“The current pharmacy model is not sustainable,” Walgreens CEO Tim Wentworth told investors Thursday…
