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updated: 8/7/2019 8:34 AM

Walgreens to close 200 U.S. pharmacies in cost-cutting expansion

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  • Deerfield-based Walgreens Boots Boots Alliance will close 200 U.S. locations, the company announced.

    Deerfield-based Walgreens Boots Boots Alliance will close 200 U.S. locations, the company announced.
    AP file photo

 
Robert Langreth
Bloomberg News

Deerfield-based Walgreens Boots Alliance Inc. it will close 200 U.S. locations, part of a program to cut costs as the company grapples with a changing industry.

The closings will add to an already announced cut of as many as 750 stores. The moves are part of a cost-saving plan that Walgreens has said is necessary to overhaul many parts of its operations, from its retail footprint to its technology.

The company's cost-reduction plans will result in charges of $1.9 billion to $2.4 billion, Walgreens said in a securities filing Tuesday.

Specific locations to be closed were not announced.

The drug store chain operated 9,560 stores as of August 2018, according to its website.

The company's shares were down 0.5% after the market closed in New York. They've lost 25% so far this year.