Pharmacy Chain Closing 1200 Locations- Michigan Could Be Impacted
Many Michigan residents rely on their neighborhood pharmacies for life-saving medications, home essentials, and grocery items. But, one popular chain will be downsizing and shutting down 1200 locations and Michigan stores could be impacted soon.
Pharmacy Chain Closing 1200 Locations- Michigan Could Be Impacted
Many businesses in Michigan have faced financial struggles and staff shortages, and more consumers moving to do business online has led to restructuring efforts to save them. That includes pharmacy chains like CVS and Rite Aid, which have recently closed their doors to hundreds of locations. One more is being added to the list, hoping the closures will lead to a turnaround for the company.
Walgreens recently announced in a statement that approximately 1,200 locations will be closing, impacting nearly 13% of the chain's 8,700 stores in the U.S. The company will start by closing 500 stores in fiscal year 2025. USA Today reports that while Walgreens exceeded its target of slashing $1 billion in costs in the last fiscal year, the chain reported a $3 billion loss last quarter. The store closures are part of a multi-year cost-cutting program that according to Walgreens CEO Tim Wentworth will benefit the company and customers:
This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term.
Walgreens currently has 224 locations in Michigan. While the company confirmed closing unprofitable stores, Walgreens has not disclosed how many locations or if any in Michigan would be affected.