Over the next couple of years, pharmacy chain Walgreens will close another 2,150 or so stores, CEO Tim Wentworth told the Wall Street Journal on June 27.
Wentworth says there are a number of reasons for the closures, not the least of which is America’s failing economy and the resultant profit losses Walgreens is seeing. There are also too many Walgreens stores located too closely together coupled with a rampant theft problem at many locations.
The next generation of Americans is also much more avert to taking pharmaceutical drugs than older generations which means declining demand for prescriptions. Many people who still do take medications are also filling their prescriptions online rather than visiting Walgreens stores in person.
“The current pharmacy model is not sustainable,” Wentworth told the Journal. […]
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