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.
“Our customers have become increasingly selective and price-sensitive in their purchases,”
So much so that the customers simply take stuff.
But times have changed. I expect "underperforming" strongly correlates with high crime, in neighborhoods that were never exactly low crime.
At our local Walgreens I get carded for pipe cleaners, lighters, lighter fluid etc, I’ll be 84 Saturday,
There are three Walgreen's stores within 15 minutes from my house.
It is not all shoplifted to death stores. They are closing the Walgreens in Clinton NJ which is a beautiful quant and wealthy small town with very, very little crime.
“At our local Walgreens I get carded for pipe cleaners, lighters, lighter fluid etc, I’ll be 84 Saturday,”
my guess is that you’re just a very young looking 84 :-)
I get carded at wally world if I buy over the counter 'mucinex'. But, if I buy the generic which has the exact same ingredient list, not carded. Some of this comedy is just weird.
My last interaction with that company went “Have a nice day”
And my response “#### you.”
Tremendously incompetent staff. And this was five years ago.
“At our local Walgreens I get carded for pipe cleaners, lighters, lighter fluid etc, I’ll be 84 Saturday,”
I get carded at wally world if I buy over the counter ‘mucinex’. But, if I buy the generic which has the exact same ingredient list, not carded. Some of this comedy is just weird.
The young kids look at me puzzled because they know that isn’t right. I say put the number in the computer, you are making a judgement on how old I look anyway, the number is nonsense.
A new brand pharmacy at every corner didn’t work?
Who knew?
“Who the Hell goes to Walgreens or CVS for groceries or beer/liquor?”
Lots of people buy their booze exclusively from CVS. I know, I am one of them. It’s the only thing I buy in CVS though.
“We need an attitude change. /S”
Brandon says: “The beatings WILL continue until morale IMPROVES!” (Carter said that, too.)
Don’t know about you, but I am beat down. So TIRED of spending 2x the cash for the EXACT SAME EVERYDAY STUFF!
I always THANK whoever ‘cards’ me at 64, LOL! ;)
I undestand you being flattered but the fools card EVERYBODY!🤨
Yeah, I could probably pass for 75!😎
What happened to all that extra cash to trash ivermectin.. from taxpayers wallets.
it’s a great plan. saturate the market, undercut everyone else and put them out of business - esp the locals - and then go out of business yourself.
win - win!
where the homeless control the streets and it’s dangerous for the employees to come to work and to be in the building at all.
—
I know of 2 stores in the Milwaukee area that were closed for the very reason you mentioned.
Also all stores need landscape maintenance - when its so dangerous that no landscape company will offer bids, then the stores begin to rapidly decline into over grown wilderness and mountains of trash begin to be dumped on the property; this very quickly gets out of hand.
Vote Blue Rat…
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