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Business And Economy In New York

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Over 8,000 Walgreens that are located in the United States plan on closing their doors. The pharmacy has been struggling ever since the large increase of inflation that has hit our country.

The CEO of the company, Tim Wentworth, said that the current model of the pharmacy is just not working anymore.

The company stated that 75% of Walgreens stores are accounting for 100% of the profits for the company, therefore lead them to closing the remainder of the stores that are not doing as well.

Wentworth also added that before they decided for the store closures, the company even had a price cut on 1,300 products just a month ago. Even with the price cut, the stores did not preform well.

The company does not plan on on laying off the employees that work at the unsuccessful stores. Walgreens will transfer anyone who is still willing to be with the company to another store that is located close by.

Walgreens isn’t the only company that had struggling store locations. In October of 2023, Rite Aid not only filed bankruptcy, but also shut down 154 stores nationwide.

Both independent and corporate pharmacies are closing around the country due to the inflation of prices. It is known that Walgreens and other retail chain pharmacies loose money whenever they sell brand named drugs and products.