Walgreens Likely to Close A ‘Substantial Number’ Stores Across Pennsylvania and New Jersey

Heads up, Walgreens shoppers!  The company is likely to close a ‘significant’ number of their stores across the country, but what does it mean for stores in our area?

We’re still finding out exactly how many stores may close (and when) but it sounds like it’s all part of the company’s optimization program, outlets including CNN.com reported on Thursday.

The company’s CEO Tim Wentworth told the Wall Street Journal that the closures would make up a “meaningful percent” of the “quarter-or-so locations that are underperforming."

That means the stores that aren’t profitable or too close to each other or struggling with theft could be on the chopping block, they say. 

The company operates roughly 8,600 stores nationwide. So a quarter of locations could represent a little more than 2,000 stores.

The company operates over 200 stores in New Jersey, according to their website.
Additionally, they operate well over 100 stores in Pennsylvania.

What’s behind the company’s decision? They say that retail sales fell by 4% for the quarter. The company’s struggles have been “exacerbated” by inflation and what they described as a cost-of-living “crisis.”

Other pharmacy chains nationwide - including Rite Aid and CVS - have also struggled in recent years. Both chains have closed stores nationwide. Combined, the two chains have closed nearly 1,000 stores across the United States, CNN reports. 

As for Walgreens, it’s unclear what the exact timeline for the store closures will be.