NEW YORK (AP) — Pharmacy chain Walgreens plans to close 200stores in the United States as it seeks to cut costs.
The company said in a regulatory filing Tuesday the closingsare part of its previously announced plan to trim costs by $1.5 billion in afew years. In May, the company announced plans to close 200 stores in theUnited Kingdom.
The Deerfield, Illinois-based company operates over 18,000stores worldwide. In June it reported a 24% decline in quarterly net income andpredicted that annual earnings would be roughly flat with the prior year.Walgreens has been hit by challenges including reimbursement cuts and lowerprice increases for branded drugs.
In the year to date, Walgreens Boots Alliance Inc. sharesare down nearly 25% while the broader S&P 500 is up 13%.