As U.S. brick-and-mortar retailers continue to drop like flies, Walgreens officials have announced plans to close 200 stores as part of a cost-cutting measure.
In a regulatory filing on Tuesday, the company said the closings are part of its plan to streamline costs by $1.5 billion. “We are undertaking a transformational cost management program to accelerate the ongoing transformation of our business, enable investments in key areas and to become a more efficient enterprise,” a statement released Tuesday reads. Walgreens previously announced plans to shut down 200 stores in the U.K. as well.
In June, Walgreens — which operates more than 18,000 stores worldwide revealed its quarterly net income had dropped by 24 percent.