Why is Walgreens Closing So Many Stores

Walgreens announced plans to close many underperforming stores nationwide. CEO Tim Wentworth cited the unsustainability of their current pharmacy model and stated they will evaluate 25% of their stores over the next three years, potentially closing up to 2,150 locations out of 8,600. The announcement followed a significant stock decline of over 24% after the company reported $36.4 billion in revenue for fiscal Q3 2024. Additionally, Walgreens faces a $2.7 billion bill from the IRS due to issues with transfer pricing from 2014 to 2017, which they plan to contest. Walgreens Boots Alliance's stock has dropped nearly 59% year over year.

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