CVS also has a 3 yr project to close 900 stores over 3 yrs. These chains are creating “pharmacy deserts” in many cities and many of these stores – some have stated – are in low-income areas. I saw one person state that these stores are NOT LOSING MONEY – just not making as much profit as the company would like, I don’t know if this is an accurate fact. Looks like those who patronize one of these chains should be expecting longer waits and “poorer service”
Walgreens Closing 150 Stores, Cutting Hours
Walgreens is closing 150 stores in the U.S. this year and will continue to cut hours at its stores, on top of having already curtailed hours at 500 stores in the third quarter.
To date, 1,100 Walgreens have shorter hours, TheStreet.com reports.
CEO Rosalind Brewer told analysts on the Tuesday earnings call “a more uncertain and challenging economic environment” has prompted Walgreens to increase its target savings this year to $4.1 billion, up from a previous target of $3.5 billion.
There’s a “robust pipeline of additional opportunities” to cut back, the company added.
Consumers can expect far more Walgreens stores to close, then, as well as lay off additional corporate workers and cut back on store and pharmacy hours, since it has nearly 9,000 outlets in the U.S., of which only 12% have seen their hours cut.
In other words, Walgreens—which sells everyday necessities that are presumably inflation-resistant—is warning that the economy is potentially weaker than what other retailers, including Target, Best Buy and Macy’s, have reported.
As TheStreet puts it: “Walgreens’ take on consumer demand should alarm retailers that no one is safe from an economic slowdown that might cut deeper than people expected.”
Walgreens significantly reduced its profit guidance due to fewer COVID-19 vaccines and testing. This is understandable since the Biden administration ended the nation’s emergency response to the coronavirus pandemic in April.
Moreover, instead of using shareholder cash to expand, the drug store chain said it will repurchase shares and boost its dividend.
Filed under: General Problems
When I got my first computer I joined a alt-support Chronic Pain News group and these two pharmacies WG and CVS were definitely listed as the worst pharmacies in the nation and I believe from what I’ve heard, they have only gotten worse for the patients suffering in pain and other medical
conditions.
This is exactly what happen’d in our little Town of Adams,,,they closed a store called pamida,,which was 1 of 2 pharmacy in 30 square miles..They claimed since the reduction in opiate medicines at the pharmacy which acct.for 40 % of profit,,,they had to close,,,25 jobs gone,,,I think i mentioned this a while back,,,jmo,,maryw
One of our Walgreens closed 2 summers ago. Believe or not, they sent customers letters stating they were forwarding all scripts on file to KROGER grocery pmcy. How odd is this considering another Walgreens was only aboutc2.5 miles up the street?
Corporate greed. We all know the foremost ringleader in chain pharmacies and what they have done practicing corporate medicine without a med license…