Walgreens Is Closing Hundreds Of Locations

The list of grocery store closures in 2023 keeps expanding, even among the largest merchants. Walgreens, the fifth-largest food retailer in the US 

by sales, will close 150 US shops and 300 UK outlets, according to the Progressive Grocer.

Retail Dive reported the closures as the company reported a 60% drop in net earnings to $118 million in the quarter ending May 31.

Walgreens CEO Rosalind Brewer said last week that two issues "held back" the company's quarterly results.

First, she noted COVID-19 service demand was lower than planned. Brewer said the quarter's COVID-19 tests were "down sharply" and Walgreens

"We are prudently reducing our expectations for COVID contributions going forward," she said.

Brewer also said that Walgreens customers are cutting down on spending due to high inflation and "an uncertain economic outlook."

Walgreens is closing hundreds of shops to cut expenses. Walgreens CFO James Kehoe said on last week's results call that the company's cost-

cutting strategy led to 500 layoffs as part of a restructure. Kehoe claimed that 500 people made about 10% of its corporate and U.S. support office staff.

This year, Walgreens will join a growing list of grocery businesses closing. Walmart is one of the Progressive Grocer's top US grocery retailers.

check our new stories