In an interview with The Wall Street Journal, the company CEO said leadership will target poorly performing stores.
Walgreens is planning to close a “substantial number” of underperforming locations, as well as reduce its stake in a primary care provider.CEO Tim Wentworth said the company has not yet settled on how many will close, but it could be a “meaningful percent” of stores that aren’t profitable, over the next few years.
Walgreens stores close to each other are being reviewed, as well as stores dealing with theft. There are about 80 locations of Walgreens in Alabama. Walgreens also looks to reduce the number of brands it offers, and focus on women’s health and its loyalty program. “We recognize where we are is a turnaround,” Wentworth said. “We recognize that we need to be focused on what are the parts of the business that we believe are contributing and have a future, and some of those need to change.”that Walgreens Boots Alliance lost nearly $6 billion in its second quarter on a loss in value of its investment in VillageMD.
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