Walgreens to close 200 US stores

Walgreens plans to close 200 stores in the U.S., decreasing its real estate footprint by about 3 percent, according to CNBC.

The closures are part of the retail pharmacy giant's "transformational cost management program," in which it expects to save $1.5 billion in annual expenses by fiscal year 2022.

Walgreens expects to take a $1.9 billion to $2.4 billion earnings hit from the closures, including costs related to real estate and severance.

The move comes after its parent company Walgreens Boots Alliance earlier this year announced plans to close 200 stores in the U.K.

Its rival CVS also said it would close 46 underperforming stores in May and in June CVS warned it will close more stores as leases come up for renewal.

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