[2024-08-04] Why Walgreens And CVS Are Shutting Down Thousands Of Stores

CNBC

Why Walgreens And CVS Are Shutting Down Thousands Of Stores

Friday, August 4, 2024

#CNBC, #walgreens, #cvs, #pharmacies, #chainpharmacies, #retail, #economy
#jobs, #drugprices, #inflation, #antitheft

In its fiscal third-quarter report, Walgreens announced its plans to close a ‘significant’ amount of stores, acknowledging only 75% of its 8,600 stores were profitable. While no specific stores were tapped for closure yet, more than 2,000 locations could face the chopping block by 2027. This is just the latest sign of trouble for the struggling retail pharmacy sector as CVS and Rite Aid both announced large closures in the past year. Watch the video above to learn why U.S. pharmacy chains are fighting for survival.

Chapters:
Introduction
What Went Wrong
The drug pricing problem
The impact of pharmacy deserts
What’s next?

Produced by: Devan Burris
Edited by: Darren Geeter
Animation: Christina Locopo, Jason Reginato
Senior Managing Producer: Tala Hadavi
Additional Footage: Getty Images, CVS, Rite Aid

https://www.youtube.com/watch?v=j-BKmFVCM3s

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