Illinois-Based Walgreens To Close 150 Stores By Next August

Over the last year, we've seen a lot of big-name retailers deciding to close up some (and in worst-case scenarios like Bed Bath & Beyond, all) of their stores across the country.

Some of the previous names associated with store closings include Party City, Walmart, Bed Bath & Beyond, and more.

Now comes word that you can add another really big name retailer to the mix of companies shuttering locations: Walgreens.

Walgreens Has Slashed Its Earnings Forecast For The Year, And They've Gone So Far As To Announce A "Cost-Cutting Goal"

And as part of their cost-cutting measures, Walgreens plans on permanently closing 150 locations across the country (no list of stores being targeted for closing has been released or leaked at this point) by August of 2024.

When you look at some of the numbers Walgreens has posted, you can see that there could be more closings after that.

"Consumer Spending Uncertainty" is being focused on as a reason for Walgreens to raise their cost-saving program to $4.1 billion from their previously announced goal of $3.5 billion in cost savings.

NBCChicago.com:

CEO Rosalind Brewer said in a statement from the company that the new forecast takes “an appropriately cautious forward view in light of consumer spending uncertainty, while still demonstrating clear drivers of a return to operating growth next fiscal year.”

The company said it was raising its cost management program target to $4.1 billion in total savings from $3.5 billion.

Walgreens' profit fell 59% to $118 million in the fiscal third quarter, which ended May 31.

Walgreens Has Their Corporate Headquarters In Deerfield, Illinois, So How Much Should Illinois Residents Worry About Closings (including the corporate office) In Our State?

At this point, there have been no announcements that name particular stores here in Illinois (or elsewhere) that have been scheduled for shuttering, and it appears that Walgreens' headquarters will remain largely unaffected.

Patch.com:

Last month, WBA (Walgreens Boots Alliance) announced it is cutting 504 corporate positions, or 10 percent of the corporate workforce. A spokesperson told Patch that the decision will not close the pharmacy giant's Deerfield headquarters.

WBA, the parent company of Walgreens, said the decision is part of a transformation into a "consumer-centric healthcare company." None of the jobs being eliminated are based at any of the company's stores across the United States and Canada, according to the spokesperson. Positions at microfullment centers and call centers are also not effected. The company's Chicago offices will also remain open following the layoffs.