Walgreens Makes Sweeping Plan to Close 1,200 Failing Stores

Walgreens announced a plan to shutter 1,200 unprofitable stores over the next three years, hoping to stage a turnaround for the struggling pharmacy chain.

Walgreens has about 8,600 locations throughout the US with roughly 225 stores in Michigan.

Pharmacies in Michigan Closing at an Alarming Pace

News that Walgreens is gearing up to close unprofitable stores comes as no surprise, as the struggling retailer announced in June that the fate of hundreds of locations was in jeopardy.

However, many Michigan customers were forced to move their prescriptions to Walgreens after Rite Aid systematically closed all of its Michigan locations. In September of this year, Rite Aid appointed a new CEO as the struggling chain successfully emerged from Chapter 11 bankruptcy protection. That news, however, was 'too little, too late' for the more-than-200 Michigan stores that had been, or were in the process of closing.

What's Next for Walgreens?

As Walgreens struggles to survive, it has announced a sweeping plan to close 1,200 stores over the next three years. According to an earnings report released on Tuesday (10/15), 500 stores are slated to close in 2025.

Tim Wentworth, who took on the job of Walgreens CEO last year said in a statement that Walgreens will be focusing its efforts on improving its core business which is retail pharmacy.

"This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term," Wentworth said.

Which Walgreens Stores are Slated to Close?

At this time, the company has not released a list of unprofitable stores that are slated to be closed. We will publish that information as soon as it becomes available.