The Financial Struggles Of Walgreens And Store Closures

Pharmacy problems continue to plague the the nation and it's affecting us right here in Washington. Walgreens is joining Rite-Aid in closing stores.

The Popular Pharmacy Chain is Preparing to Cose More Than 50 Locations.

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In March, the 2nd largest pharmacy chain (behind CVS) in the U.S., confirmed the closure of several underperforming stores, as part of the 1,200 shutdowns announced in 2024.

Why Is Walgreens Closing So Many Locations?

The company is facing financial challenges due to higher operating costs and less prescription reimbursements. In a statement, Walgreens CEO Tim Wentworth said:

“Second quarter results reflect disciplined cost management and improvement in U.S. Healthcare, which were partially offset by weaker front-end results in U.S. Retail Pharmacy, while significant legal settlements resulted in continued negative free cash flow. We remain in the early stages of our turnaround plan, and continue to expect that meaningful value creation will take time, enhanced focus and balancing future cash needs with necessary investments to navigate a changing pharmacy and retail landscape.”

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While there are approximately 8,212 Walgreens stores remaining open today, dozens are slated to close in the coming weeks. The Good News? Just one Walgreens store in Washington is on the list. The Walgreens in Bremerton on State Highway 303 is set to close on June 23rd.

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Walgreens didn't provide a list of stores closing, however, a Nexstar analysis found 54 stores will close in 17 states between now and late June. See the complete list here.

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