Walgreens recently announced plans to shut down 200 U.S. stores in an effort to implement an aggressive cost-cutting plan. The retailer hopes to cut costs by $1.5 billion over the next three years. No time frame has been set for when these closings will occur. The company now goes under the name Walgreens Boots Alliance (WBA) after its $5.3 billion purchase of European drugstore Alliance Boots. In addition to Alliance, the company also bought the Duane Reade chain of pharmacies for $1.1 billion. Walgreens currently operates 8,232 U.S. stores across all 50 states, making it the largest drugstore by locations, although it trails rival CVS in sales.
This is just one of many retailers that have begun store closings amongst the growing trend of e-commerce. Staples, Office Depot, Sears, RadioShack, and Wet Seal have all recently announced closing plans.