Walgreens has announced it will close approximately 1,200 stores across the United States, citing increased online competition in the pharmacy market and more competitive prescription pricing. The decision also comes as retail crime, especially in major markets like New York and California, has surged, forcing the chain to secure basic items like toothpaste and hair care products due to rampant theft.

Shoplifting and looting at Walgreens in San Francisco on Irving Street in the Sunset District. pic.twitter.com/xKub80BY63

— Asian Dawn (@AsianDawn4) September 15, 2024

Over the next three years, about one in seven Walgreens locations will be shuttered. The company expects to close 500 stores in the first year, part of a broader plan to restructure its operations. This follows a previous announcement of 300 closures as part of a multi-year initiative to optimize the business, with Walgreens revealing that around 25% of its stores were not profitable.

Walgreens CEO Tim Wentworth has promised “imminent” changes, even as the company reported stronger sales last quarter. However, Walgreens faced a $3 billion loss due to the declining value of its Chinese pharmaceutical chain, CareCitrix, in which the company holds a majority stake.

BREAKING: Walgreens has just announced they will close ANOTHER ~1,200 stores or ~14% of their US locations

Walgreens has plunged 90%+ from its high in under a decade

This is one of the most sudden & shocking collapse of a blue chip retailer and a wake up call for the sector pic.twitter.com/RqvbwYnanV

— Triple Net Investor (@TripleNetInvest) October 15, 2024

“Walgreens spent years building its business through acquisitions and neglected the fundamentals of its stores and retail operations,” said Neil Saunders, managing director of Global Data Retail, in an interview with CNN. “That has pushed a lot of outlets into a position where they are losing sales and not generating a return.”

This is what happens when you allow leftist policies to run rampant in your state.

Walgreens ROBBED on Easter Sunday in San Francisco.

Remember what the leftist argument is?

They just want bread to feed their families.

America needs to wake up.

🤡 🌎 🚨 pic.twitter.com/wsCznG8FL1

— Wall Street Silver (@WallStreetSilv) April 3, 2024

Despite these challenges, Wentworth emphasized that the majority of Walgreens’ U.S. locations—about 6,000 of the 8,500—are profitable. “This solid base supports our conviction in a retail pharmacy-led model that is relevant to our consumers, and we intend to invest in these stores over the next several years,” he told analysts.

According to Locations Cloud, Florida leads with 801 Walgreens stores, followed by Texas with 749, Illinois with 547, California with 540, and New York with 470. Some store closures, particularly in San Francisco, have been attributed to the growing issue of retail theft.