Walgreens plans to close about 1,200 stores by 2027 as it faces mounting pressure from online retailers, lower prescription drug reimbursements, and changing consumer habits. The company will shut 500 locations over the next year, significantly expanding an earlier plan to close 300 underperforming stores. Despite reporting a 6% increase in quarterly revenue, Walgreens posted a $3 billion loss linked to writedowns involving investments in healthcare businesses. While shares rose nearly 4% in premarket trading, the stock remains sharply lower for the year. Competitors such as CVS and Rite Aid face similar challenges amid growing competition from Amazon and discount retailers.
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