Walgreens Closing 200 U.S.-Based Stores In Latest Cost-Cutting Measure

Walgreens isn’t just doing away with its “Be well” campaign, the drugstore now also plans to shutter 200 of its 8,232 stores in the U.S. over the next two years.

Bloomberg reports that in addition to the store closures, Walgreens Boots Alliance Inc. will also reorganize its corporate and field operations and overhaul its technology in an attempt to cut $500 million in costs.

The cost-cutting measures are just the latest in a long-term plan to revamp the U.S. locations. Last August, the company announced a $1 billion savings initiatives.

Cutting back on expenses was one of the top priorities for interim CEO Stefano Pessina, who plans to transform the drugstore to be more like Boots drugstores in Europe, Bloomberg reports. Walgreens completed its purchase of Boots just last year.

Walgreens to Close 200 U.S. Drugstores in Bid to Propel Profits [Bloomberg]

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