The announcement coincides with big fiscal 2024 losses
of ConsumerAffairs
Another retail chain is closing stores because of economic pressures. In its latest quarterly and annual earnings announcement, Walgreens announced it would close 1,200 unprofitable stores.
Other recent store closing announcements include:
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7-Eleven is closing 444 stores
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Big Lots is closing nearly 300 stores
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Conns is closing 70 HomePlus stores
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Dollar Tree has announced that it will close nearly 1000 Family Dollar stores
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Tuesday Morning closed all of its stores
Walgreens called the move a footprint optimization program, saying the targeted stores would close over the next three years. The first 500 will occur in fiscal 2025.
Fiscal 2024 was a tough year for the drugstore chain. In announcing its results, the company said it lost $10 a share, an increase of 180% over fiscal 2023.
Loss per share in the current year includes a non-cash impairment related to VillageMD goodwill, the company said in its earnings statement. Prior year results include a charge for opioid-related claims and litigation.
Earlier this year, Walgreens implemented a number of anti-theft changes at some stores to deter the huge increase in shoplifting, changes that many customers did not like.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-10-15 13:26:04
