Posted on 06/27/2024 2:29:10 PM PDT by george76
On a conference call with industry analysts on Thursday, Walgreens CEO Tim Wentworth announced the company’s intention to eliminate a significant portion of its U.S. stores over the next three years.
While describing a quarter of the 8,500 stores as “underperforming,” Wentworth announced that the company would close a “significant portion” of these locations.
However, according to Wentworth, the precise number of closures is still undecided.
Wentworth also stated that Walgreens will implement certain modifications at the remaining underperforming locations in an effort to bring them back to life. If that doesn’t work, then “we will continue to consider closure if they don’t improve,” he added.
The news comes almost seven months after the company started a thorough examination of the company’s operations in reaction to concerns about stealing, consumer spending, and unfavorable developments in the pharmacy sector.
“Everything has been on the table,” Wentworth said. “We are at a point where the current pharmacy model is unsustainable.”
According to an earnings release on Thursday, the company reported $28.5 billion in revenue over the last three months, ending in May, which represented a small rise over the same time a year ago. However, the corporation stated that despite this, the resulted earnings fell very short of its expectations.
A prolonged period of high pricing that has put pressure on household budgets has left price-conscious consumers weary, contributing to the company’s current issues in the U.S. market.
“Our customers have become increasingly selective and price-sensitive in their purchases,” Wentworth said.
Frankly I thought for the past few years that they put in too many new stores.
I wonder if the stores that did poorly suffered a lot of shoplifting?
A cartel led by the U.S. government bribed Walgreens, CVS, and .. with billions of dollars to promote Covid vaxxes and not fill prescriptions for ivermectin..
https://freerepublic.com/focus/f-chat/4239453/posts
Can’t remember the last time I was in a stand-alone pharmacy. I get all that stuff at the grocery store or on the net.
It’s not “underperformance”. It’s “out of control inventory shrinkage”.
Major chain store/restaurant closures are being announced daily now. When does the dam break?
I guess no-one is appreciating the greatness of biden’s economy. We need an attitude change. /S
And that has what to do with Walgreen closing some stores??
“”A cartel led by the U.S. government bribed Walgreens, CVS, and .. with billions of dollars to promote Covid vaxxes and not fill prescriptions for ivermectin..”
Apparently not enough.
Bidenomics
Hope ours remains. Only have two Rx in our town.
Pharmacies used to be ubiquitous and you always had a steady, regular clientele but with the advent of mail order pharmacies that are vastly cheaper, I think a vast majority, myself included, have switched over because it’s far more convenient.
And if you don’t have customers going to them for drugs - all you’ve got is a corner market shop with higher prices.
Look for closures in the “usual” locations. Stores to close in high crime inner cities, high wage areas(CA), and mostly Democrat managed areas.
It’s not just prices. It’s services, attitude and honesty. And I will leave it at that.
The south - central LA riots killed many of their local grocery and other stores... - No food for themselves.
Looks like Bidenomics to me.
That’s a sign that Bidenomics is great for our nation.
And they blindly supported and still support COVID inoculation nonsense
#1
“I wonder if the stores that did poorly suffered a lot of shoplifting?”
Apparently that was the #1 concern in deciding if a store was to be closed.
“The news comes almost seven months after the company started a thorough examination of the company’s operations in reaction to concerns about stealing, consumer spending, and unfavorable developments in the pharmacy sector!”
FDA forced to remove lies about ivermectin.
https://www.cnn.com/2024/03/27/health/fda-ivermectin-lawsuit/index.html
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