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article imageWalgreens closing 200 stores in U.S.

By Owen Weldon     Apr 9, 2015 in Business
Walgreens, the drugstore chain, has plans to close 200 out of its 8,000+ stores in the United States over the course two years.
In addition to the closures, Walgreens Boots alliance Inc. will reorganize its corporate and field operations, as well as overhaul its technology. This is because the company wants to cut $500 million in costs.
The closures are part of the company's plan unveiled back in August, when it announced it was looking to cut costs. However, the company has yet to finalize the list of stores that will be closing. Alex Gourlay, Walgreen Co. president, did say the company would be looking at locations where the population seems to be moving away. He continued to say that it is about getting the right stores in the right places.
Stefano Pessina, the executive vice chairman and acting CEO, said that he remains optimistic about Walgreens' future, but the company would need to work at addressing challenges such as growing pressure on reimbursement for pharmaceuticals, as well as competition.
On Thursday, Walgreens said that it earned about $1.93 per share, or $2.04 billion in its fiscal second quarter. The company also announced a forecast for full-year earnings, which was between $3.45-$3.65 per share. Walgreens also announced that it was still looking for a permanent replacement for Greg Wasson, the CEO that Pessina replaced.
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