The drugstore chain’s CEO said it will close underperforming stores after reporting its third-quarter financials.
June 27, 2024 10:23 amEDT
Maryland – Walgreens has announced it will close a “significant number” of underperforming stores, following Rite Aid and others, as pharmacy chains across the country continue to shrink.
The company operates 83 stores in Maryland.
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Illinois-based Walgreens Boots Alliance announced Wednesday that it is finalizing a “major, multi-year footprint optimization program” to close underperforming stores.
“We continue to face a challenging operating environment, including persistent pressures on the U.S. consumer and the impact of recent market dynamics, which have eroded pharmacy margins,” said Tim Wentworth, WBA’s chief executive officer. in the company’s third quarter earnings report“Our results and outlook reflect these headwinds, despite strong performance in our international and U.S. healthcare segments.”
Currently, Walgreens has not revealed which stores will close in which states.
Walgreens has locations in the following Maryland cities:
- Aberdeen, Abingdon, Annapolis, Arbutus
- Baltimore, Bel Air, Belcamp, Beltsville, Berlin, Bethesda, Bowie, Brooklyn, Brunswick
- Cambridge, Catonsville, Centreville, Charlotte Hall, Chester, Chestertown, Cheverly, Clarksville, Clinton, Cockeysville, Columbia
- Denton, District Heights
- Easton, Edgewater, Edgewood, Eldersburg, Elkridge, Elkton, Ellicott City, Essex
- Fallston, Finksburg, Forest Hill, Forestville, Frederick, Frostburg
- Gaithersburg, Gambrills, Germantown, Glen Burnie, Grantsville
- Hagerstown
- Joppa
- La Plata, Largo, Laurel, Leonardtown, Lusby, Lutherville
- Mount Airy
- North East, Nottingham
- Oakland, Odenton, Olney
- Pasadena, Perryville, Phoenix, Pikesville, Potomac, Prince Frederick
- Randallstown, Reisterstown, Riverdale, Rock Hall, Rockville, Rosedale
- Salisbury, Severn, Severna Park, Silver Spring, Smithsburg
- Takoma Park, Timonium, Towson
- Upper Marlboro
- Waldorf, Westminster
According to the third quarter report, WBA sales increased 2.6 percent from the prior-year quarter to $36.4 billion, an increase of 2.5 percent in constant currency, “reflecting growth in sales in all segments”.
The company announced last October that it would implement cost-cutting measures to the tune of at least $1 billion. In the last year, the WBA has had several rounds of corporate layoffs.
Patch staff writer Eric DeGrechie contributed to this story.
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