Opportunity Economy: Walgreens To Close 1,200 Locations, Saying 25% Of Stores Are Unprofitable

Posted • October 15, 2024: Kamala Harris promises an 'opportunity economy' for all Americans. What that means, exactly, we don't know. And neither does Kamala. But we know what it looks like. It looks like businesses closing their doors. Today, Walgreens announced their plan to shutter 1,200 locations because one in four stores is not profitable. Walgreens will close about 1,200 stores over three years as the drugstore chain seeks to turnaround its struggling U.S. business. Walgreens will close about 1,200 locations over the next three years as the drugstore chain seeks to turnaround a struggling U.S. business that contributed to a $3 billion quarterly loss. Company shares soared Tuesday after Walgreens detailed the plan and also reported better-than-expected quarterly results. The company said Tuesday that about 500 stores will close in the current fiscal year and should immediately support earnings and free cash flow. Walgreens didn’t say where the store closings would take place.

Company leaders said the initial wave of closings will take place mostly in the back half of its fiscal year, which started last month. Walgreens will prioritize poor-performing stores where the property is owned by the company, or where leases are expiring. Walgreens operates about 8,500 stores in the United States and a few thousand overseas. All of the stores that will be closed are in the United States. If you do the math, that's 14% of Walgreens locations. So much for the opportunity economy for those employees and the neighborhoods they serve. Wonder if Rep. Ayanna Pressley is going to scream about racial discrimination again. Bidenomics is awesome! Let’s vote for 4 more years of it! #LoserThink - Even Tim Walz said we can't tolerate four more years of this. Twice. This is the direct result of the destruction the Democrats have brought upon this country.

We're sure the unfettered shoplifting that takes place in some cities has an impact on the profitability of Walgreens locations. This writer's local Walgreens has a lot of things locked up now, requiring an employee to retrieve them for you. Is this a part of that “opportunity economy“? Everyone has “the opportunity“ to find another job? The 'opportunity' to be unemployed. (…)

• More at: Twitchy - Opportunity Economy: Walgreens to Close 1,200 Locations, Saying 25 Percent of Stores Are Unprofitable
https://twitchy.com/amy-curtis/2024/10/15/opportunity-economy-walgreens-to-close-1200-locations-saying-25-percent-of-stores-are-unprofitable-n2402215
Twitchy: Rep. Ayanna Pressley Says Walgreens Closures Are Racial Discrimination
https://twitchy.com/brettt/2024/01/31/rep-ayanna-pressley-says-walgreens-closures-are-racial-discrimination-n2392413
New York Post: Walgreens to close 1,200 stores nationwide, says 1 in 4 locations are unprofitable
https://nypost.com/2024/10/15/business/walgreens-to-close-1200-stores-nationwide-says-1-in-4-unprofitable/
AP News: Walgreens to close 1,200 stores as US pharmacies struggle to define a new role
https://apnews.com/article/walgreens-closing-drugstores-fiscal-fourth-quarter-5df931861e1e4111eaa5ef2372ec173a