Jun 27, 2024

Drug Stores

 Less competition usually = Higher prices.

Three major drug store chains are closing stores:

From The Washington Post:

Walgreens will close a “significant portion” of its 8,600 U.S. locations over the next three years as it struggles to keep up with a rapidly evolving retail pharmacy industry, the company announced Thursday.

“We are at a point where the current pharmacy model is not sustainable and the challenges in our operating environment require we approach the market differently,” Walgreens chief executive Timothy Wentworth said Thursday during the company’s quarterly earnings call. “We do not expect an improvement in the U.S. retail environment.”

The Deerfield, Ill.- based pharmacy giant said 25 percent of its stores are underperforming and will be considered for closure. The majority of employees will be moved to other stores, Wentworth said.



Rite Aid has continued to announce the closing of some of its stores.

During the month of June, Rite Aid has announced that it will close 55 more stores.

This time around all but three of the closings are in Ohio and Michigan.

Rite Aid filed for Chapter 11 bankruptcy in October to begin restructuring to significantly reduce its debt.

Since October, the company has announced in bankruptcy filings the closings of 512 stores including 60 locations in Pennsylvania.


CVS previously said it would close about 900 of its 9,000 stores between 2022 and 2024.


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