Walgreens to close 150 stores as COVID-19 demand drops, profit declines

CHICAGO - Walgreens, one of the largest retail pharmacy chains, is set to close 150 stores by next summer due to increased shoplifting and sluggish sales.

The CEO of Walgreens has attributed part of the problem to the decreased demand for COVID-19 vaccines and tests.

Additionally, Walgreens plans to cut 300 sister stores in the UK.

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The retail giant did not say which stores would be shutting down.

Walgreens reported a significant 59% profit drop during the third quarter, reflecting the challenges it faces in the current market.