Sunday, Sep 21, 2014
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Walgreen to close 76 unprofitable stores

5 months, 3 weeks ago from Chicago Tribune

From from Chicago Tribune:
Walgreen Co. on Tuesday said it plans to close 76 unprofitable drugstores starting in the second half of the year as part of a plan to save $40 million to $50 million per year beginning in its fiscal 2015.
 
Including the closures, the company still plans to have a net increase in store count in 2014 of between 55 and 75 locations. It operates 8,210 drugstores nationwide, 138 more than a year ago.
 
Walgreen will take charges of between $240 million to $280 million in its third and fourth quarters related to the closures.
 
The company did not immediately specify the locations of the stores.
 
“While we seize the opportunity for store growth as the population ages and consumers look to community pharmacy for their health needs, we also continue to focus on optimizing our assets and organization to position Walgreens for our future as a global company,” said CEO Greg Wasson, in a statement.
 
The company also on Tuesday said second quarter net income fell slightly to $754 million, or 78 cents a share, down from $756 million, or 79 cents a share, in the same period a year ago, as a slower cold and flu season and severe weather throughout much of the United States dragged on profits.

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