Walgreens to close more than 1,000 stores [Video]

DEERFIELD (WBBM NEWSRADIO) – Walgreens has announced plans to close 1,200 stores in the next three years. It’s part of a turnaround plan for the Deerfield-based company.

Five hundred of those stores will close in this fiscal year, which started last month. In its fourth quarter earnings update, Walgreens Boots Alliance Inc. did not specify where those stores are located.

The drugstore chain operates 8,500 stores in the U.S.

Back in June, company leaders indicated the potential closures of hundreds of underperforming stores as part of its turnaround.

CEO Tim Wentworth said the process will take time, but he’s confident it will yield “significant financial and consumer benefits.”

The plan announced Tuesday includes 300 store closures approved under a previous cost-cutting plan.

Wentworth said the Walgreens stores that remain will help the company respond more quickly to shifting consumer behavior and buying patterns.

The Associated Press contributed to this report.

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