iheart – Walgreens is planning a significant scale-down in operations over the next few years.
The national pharmacy chain said that it will be closing around 1,200 stores across the country over the next three years.
While Walgreens’ fourth-quarter earnings beat expectations, the company still reported a net loss of $3 billion, which mostly stems from a writedown of CareCitrix, a Chinese pharmaceutical chain and a home care provider.
“Walgreens spent years building its business through acquisitions and neglected the fundamentals of its stores and its retail operations,” Neil Saunders, retail analyst and managing director at GlobalData Retail, told CNN …