Latest news with #TimWentworth
Newsweek
3 days ago
- Business
- Newsweek
List of Walgreens Stores Closing This Month
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Walgreens is closing more than 20 stores this month as the drug store giant looks to boost revenue and shutter underperforming locations. The closures arrive after Walgreens announced in October it would be closing roughly 1,200 underperforming stores across the U.S. over the next three years. In 2025, 500 locations will say goodbye to shoppers. Why It Matters Many retail giants have slimmed down their national footprint in the years following the COVID-19 pandemic. Lower brick-and-mortar demand as a result of online shopping as well as inflationary effects on spending have played a role. Malls have long been falling out of favor, with almost 25 percent of America's largest anticipated to close by 2027, according to research from real estate services firm Green Street Advisors. Facade of a Walgreens store in Laurel Heights, San Francisco, on April 30, 2025. Facade of a Walgreens store in Laurel Heights, San Francisco, on April 30, 2025. Smith Collection/Gado/Getty Images What To Know While Walgreens operates roughly 8,500 stores nationwide, the pharmacy and drug store chain has closed about 2,000 locations over the past decade. Why is Walgreens Closing Stores? The closures arriving this month as CEO Tim Wentworth said Walgreens is embarking on a "turnaround plan." "We are confident it will yield significant financial and consumer benefits over the long term," Wentworth previously said. Because more consumers are using online prescription services like pharmacies have felt pressure on their bottom line as costs rise. In the last quarter of fiscal year 2024, Walgreens reported a $3 billion loss, an increase from $180 million the year before. Only 6,000 of its stores are still profitable, Wentworth said. "This solid base supports our conviction in a retail pharmacy-led model that is relevant to our consumers, and we intend to invest in these stores over the next several years," he said. Walgreens had sales of $37.55 billion for the fourth quarter, a year-over-year increase of 6 percent and fourth-quarter sales and adjusted profit above Wall Street expectations, according to CNBC. The $3 billion loss reflects the so-called valuation allowance that is meant to reduce deferred tax assets mainly related to opioid settlements, CNBC reported. Which Walgreens Locations Are Closing in June? In June, Walgreens is closing stores across several states, including: California Salinas, N. Sanborn Road – June 25 Florida Jacksonville, Dunn Avenue – June 26 Miami, NW 7th Avenue – June 25 Illinois Chicago, N. Sheffield Avenue (Northstar Health Care) – June 23 Massachusetts Brockton, Pleasant Street – June 23 Fall River, S. Main Street – June 26 Gloucester, Eastern Avenue – June 23 Springfield, Boston Road – June 24 Swansea, Wilbur Avenue – June 23 Webster, Main Street – June 24 Worcester, Grafton Street – June 25 New Jersey Pleasantville, N. Main Street – June 23 New York New York City, Lexington Avenue (Duane Reade) – June 24 Syracuse, Genesee Street – June 26 North Carolina Durham, Broad Street – June 24 Raleigh, Wake Forest Road – June 26 Ohio Garfield Heights, Turney Road – June 24 Reynoldsburg, Brice Road – June 10 Washington Bremerton, State Highway 303 NE – June 23 West Virginia Clendenin, Elk River Road N. – June 25 Follansbee, Main Street – June 11 Mullens, Moran Avenue – June 23 New Martinsville, 3rd Street – June 10 Oceana, Cook Parkway – June 26 Whitesville, Lewis Street – June 24 Which Stores Have Already Closed? Walgreens shuttered many other locations in 2025 so far. The full released list is: California Hayward, Jackson Street – May 22 Los Gatos, Blossom Hill Road – May 22 Colorado Lakewood, 7665 W. Jewell Avenue – May 22 Connecticut East Hartford, Silver Lane – May 20 East Haven, Main Street – May 22 New Britain, Stanley Street – May 19 New Milford, Danbury Road – May 21 Florida Jacksonville, Soutel Drive – May 19 Georgia Decatur, Hairston Road – May 22 Lawrenceville, Old Norcross Road – May 19 Macon, Mercer University Drive – May 21 Snellville, Hewatt Road – May 20 Stone Mountain, Memorial Drive – May 19 Indiana Indianapolis, E. Thompson Road – May 20 Maryland Essex, Marlyn Avenue – May 20 Massachusetts Framingham, Waverly Street – May 19 Lakeville, Main Street – May 21 Peabody, Andover Street – May 20 Salem, Boston Street – May 19 New Jersey Cherry Hill, Kings Highway N. – May 19 New York Brooklyn, 5th Avenue – May 21 Middletown, Fitzgerald Drive – May 21 North Carolina Richlands, Richlands Highway – May 21 Sanford, Spring Lane – May 20 Pennsylvania Norristown, Dekalb Pike – May 19 Southampton, 2nd Street Pike – May 22 West Chester, E. Street Road – May 22 Wyncote, W. Cheltenham Avenue – May 15 Texas Dallas, Camp Wisdom Road – May 21 Newsweek reached out to Walgreens for comment via email. What People Are Saying Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "Walgreens is just the latest casualty in the private equity game of cost-cutting. This is about reducing retail footprint, shrinking lease obligations, and driving return on equity. It's textbook: slash costs, close underperforming stores, and try to recoup the investment." Drew Powers, the founder of Illinois-based Powers Financial Group, told Newsweek: "Not that long ago it seemed like there was a drugstore on every corner, and many of those were Walgreens. But foot traffic has slowed for Walgreens as more big-box stores and online outlets added pharmacy services. Add to slower sales the evermore stringent regulations, decreased reimbursements, and increased cost of staff and Walgreens posted a $3 billion loss in the 4th quarter of 2024. While they can weather that storm for a while, the only survival plan is to close more retail locations." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "Walgreens is encountering what many other large nationwide retailers are: higher prices combined with more online competition, particularly in groceries and pharmaceuticals, have meant some locations are less profitable. After trying to turn business around at these locations the last few years, Walgreens has made the decision to close them." What Happens Next Thompson said more store closures are likely in the months ahead. "Consumers should prepare for fewer nearby locations, longer drive times or in some areas, no local access at all," he said. Powers said Walgreen's financial situation is indicative of the larger pharmacy industry, and a shift is already underway. "It's an unfortunate situation that's not limited to their stores," Powers said. "Other pharmacies will more than likely have to make similar tough decisions in the years ahead."
Yahoo
3 days ago
- Business
- Yahoo
Over 1,000 Rite Aid, Walgreens, CVS stores closing; See which ones in Delaware
Rite Aid, CVS and Walgreens will have closed a collective 1,000 locations across the U.S. in 2025, and Delaware will feel the hit as stores shutter across the state. Pharmaceutical giant Rite Aid announced it was closing 316 stores as it filed for its second bankruptcy on May 5, according to documents reviewed by USA TODAY. The chain's first Chapter 11 bankruptcy was in October 2023, when it said at the time it would shutter over 100 stores. The news is the latest in a slew of big pharma stores making big changes. CVS plans to close 271 stores in 2025 — after spending several years shuttering around 900 already, a spokesperson told USA TODAY. Population shifts, consumer buying patterns and community health needs were among the factors to close stores, and not a response to industry pressures. Walgreens has in recent years been struggling with sluggish consumer spending, and announced in 2024 it would close 1,200 "underperforming" stores over several years, with 500 in the fiscal year 2025. The move is part of a cost-cutting "turnaround plan" under CEO Tim Wentworth to help stabilize the store's main retail pharmacy focus. Of the 316 Rite Aid stores closing nationwide, six are in Delaware: Laurel: 1120 South Central Ave. Millsboro: 24892 John J. Williams Highway Glasgow: 400 Peoples Plaza Stanton: 4607 Stanton Ogletown Road Rehoboth Beach: 18898 Rehoboth Mall Blvd. Selbyville: 38169 Dupond Blvd. In recent years, seven Rite Aid locations in Delaware have closed. As of May 30, Rite Aid had 29 locations listed in Delaware, per the company's website. The locations that are expected to close still remain listed. Of the 271 stores closing in fiscal year 2025, Newsweek reports none closing in Delaware. The state is home to 23 locations, and one in Wilmington shuttered in 2019. The latest list of store closures does not include any in Delaware. However, Walgreens has shuttered multiple locations in Delaware in recent years, including five in 2023. Walgreens currently operates 26 locations in the state, per the company website. Lori Comstock is a New Jersey-based journalist with the Mid-Atlantic Connect Team. This article originally appeared on CVS, Rite Aid, Walgreens closing stores; Are there any in Delaware?
Yahoo
5 days ago
- Business
- Yahoo
CVS, Walgreens and Rite Aid are all set to close stores. Hundreds have already shuttered.
It has been a rough stretch for large pharmacy chains. CVS, Walgreens and Rite Aid are all in the midst of mass closures, and Rite Aid recently filed for bankruptcy for the second time in as many years. Mass closures extend beyond the retail pharmacy space, however, as other companies such as Forever 21, Joann, Macy's, Denny's, Bahama Breeze and more have announced locations would shutter this year. Here's the latest on pharmacy chains CVS, Walgreens and Rite Aid, including how many stores each company is planning to close. Rite Aid announced it had filed for Chapter 11 bankruptcy again on May 5, the second time since October 2023. Bankruptcy filings have identified 316 store locations Rite Aid has tapped for closure. On May 15, Rite Aid said it "successfully entered into a series of sale agreements and pharmacy services transition agreements," which would include transitioning pharmacy assets from locations across the U.S. to CVS Pharmacy, Walgreens, Albertsons, Kroger, Giant Eagle and other operators. Rite Aid and Bartell Drugs stores in some states will also be operated by CVS Pharmacy as part of the sale agreements, which were approved on May 21 in the U.S. Bankruptcy Court of New Jersey, according to Rite Aid's bankruptcy docket. During the transition of prescription files, Rite Aid said its stores will remain open and customers can continue to access their pharmacy services, including prescription refills and immunizations. Before the bankruptcy filing, Rite Aid operated 1,240 stores across 15 states. 'A key priority for Rite Aid is to ensure that as many of our loyal customers as possible continue to receive the pharmacy services and care they require without interruption," Matt Schroeder, CEO of Rite Aid, said in a statement. "These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members.' Rite Aid has buyers for customer files at 810 of its stores, but did not find a buyer for files at 200 other locations, according to Reuters. While the deadline to enter bids for Rite Aid's pharmacy assets (May 13) has passed, the deadline to enter bids for the chain's remaining assets, including the Thrifty Ice Cream business, is June 13, with an auction date set for June 20. Rite Aid closures: More than 300 Rite Aid stores now slated to close: Here's the complete list Walgreens Boots Alliance announced in October 2024 its plans to close approximately 1,200 stores across the United States as the pharmacy chain struggles with slumping consumer spending. At the time, the chain said the closures would occur within three years, starting with about 500 stores being shuttered in fiscal year 2025, which ends in August. The move is part of a multi-year cost-cutting program under CEO Tim Wentworth, who took on the job in 2023. In a statement in October 2024, Wentworth reiterated the company's commitment to focusing on improving its core business: retail pharmacy. "This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term," Wentworth said in the statement. The company closed 70 stores in its first quarter of fiscal 2025, which ended Nov. 30, 2024, Wentworth said in a January 2025 analyst conference call. Walgreens planned to close about another 450 stores through the end of 2025 he said. In March 2025, Walgreens was taken private by Sycamore Partners for $10 billion, closing out nearly a century of trading on public markets for the U.S. pharmacy giant. Sycamore Partners, a private equity firm that specializes in retail and consumer investments, has a track record of acquiring distressed retailers for profit: among them were brands such as Staples, Talbots and Nine West, according to Reuters. CVS first announced in November 2021 its plan to close stores as part of an effort to "optimize our existing stores and pharmacies." The chain closed 900 stores between 2022 and 2024 and aims to close an additional 270 stores in 2025, company spokesperson Amy Thibault confirmed to USA TODAY on May 29. The spokesperson said in an emailed statement that the company is closing locations "strategically to better meet consumers' health, wellness and pharmacy care needs" and not in reaction to "industry pressures." Additionally, even while it closes certain locations, Thibault said CVS is also opening stores and pharmacies in "areas where there's a need." The company has opened 100 stores between 2022 and 2024, and has plans to open nearly 30 locations, including locations inside Target stores, in 2025. Contributing: Eric Lagatta, Jonathan Limehouse, Mary Walrath-Holdridge, James Powel and Mike Snider, USA TODAY Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at Gdhauari@ This article originally appeared on USA TODAY: CVS, Walgreens, Rite Aid store closures: Hundreds already shuttered
Yahoo
5 days ago
- Business
- Yahoo
CVS, Walgreens and Rite Aid are all set to close stores. Hundreds have already shuttered.
It has been a rough stretch for large pharmacy chains. CVS, Walgreens and Rite Aid are all in the midst of mass closures, and Rite Aid recently filed for bankruptcy for the second time in as many years. Mass closures extend beyond the retail pharmacy space, however, as other companies such as Forever 21, Joann, Macy's, Denny's, Bahama Breeze and more have announced locations would shutter this year. Here's the latest on pharmacy chains CVS, Walgreens and Rite Aid, including how many stores each company is planning to close. Rite Aid announced it had filed for Chapter 11 bankruptcy again on May 5, the second time since October 2023. Bankruptcy filings have identified 316 store locations Rite Aid has tapped for closure. On May 15, Rite Aid said it "successfully entered into a series of sale agreements and pharmacy services transition agreements," which would include transitioning pharmacy assets from locations across the U.S. to CVS Pharmacy, Walgreens, Albertsons, Kroger, Giant Eagle and other operators. Rite Aid and Bartell Drugs stores in some states will also be operated by CVS Pharmacy as part of the sale agreements, which were approved on May 21 in the U.S. Bankruptcy Court of New Jersey, according to Rite Aid's bankruptcy docket. During the transition of prescription files, Rite Aid said its stores will remain open and customers can continue to access their pharmacy services, including prescription refills and immunizations. Before the bankruptcy filing, Rite Aid operated 1,240 stores across 15 states. 'A key priority for Rite Aid is to ensure that as many of our loyal customers as possible continue to receive the pharmacy services and care they require without interruption," Matt Schroeder, CEO of Rite Aid, said in a statement. "These agreements ensure our pharmacy customers will experience a smooth transition while preserving jobs for some of our valued team members.' Rite Aid has buyers for customer files at 810 of its stores, but did not find a buyer for files at 200 other locations, according to Reuters. While the deadline to enter bids for Rite Aid's pharmacy assets (May 13) has passed, the deadline to enter bids for the chain's remaining assets, including the Thrifty Ice Cream business, is June 13, with an auction date set for June 20. Rite Aid closures: More than 300 Rite Aid stores now slated to close: Here's the complete list Walgreens Boots Alliance announced in October 2024 its plans to close approximately 1,200 stores across the United States as the pharmacy chain struggles with slumping consumer spending. At the time, the chain said the closures would occur within three years, starting with about 500 stores being shuttered in fiscal year 2025, which ends in August. The move is part of a multi-year cost-cutting program under CEO Tim Wentworth, who took on the job in 2023. In a statement in October 2024, Wentworth reiterated the company's commitment to focusing on improving its core business: retail pharmacy. "This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term," Wentworth said in the statement. The company closed 70 stores in its first quarter of fiscal 2025, which ended Nov. 30, 2024, Wentworth said in a January 2025 analyst conference call. Walgreens planned to close about another 450 stores through the end of 2025 he said. In March 2025, Walgreens was taken private by Sycamore Partners for $10 billion, closing out nearly a century of trading on public markets for the U.S. pharmacy giant. Sycamore Partners, a private equity firm that specializes in retail and consumer investments, has a track record of acquiring distressed retailers for profit: among them were brands such as Staples, Talbots and Nine West, according to Reuters. CVS first announced in November 2021 its plan to close stores as part of an effort to "optimize our existing stores and pharmacies." The chain closed 900 stores between 2022 and 2024 and aims to close an additional 270 stores in 2025, company spokesperson Amy Thibault confirmed to USA TODAY on May 29. The spokesperson said in an emailed statement that the company is closing locations "strategically to better meet consumers' health, wellness and pharmacy care needs" and not in reaction to "industry pressures." Additionally, even while it closes certain locations, Thibault said CVS is also opening stores and pharmacies in "areas where there's a need." The company has opened 100 stores between 2022 and 2024, and has plans to open nearly 30 locations, including locations inside Target stores, in 2025. Contributing: Eric Lagatta, Jonathan Limehouse, Mary Walrath-Holdridge, James Powel and Mike Snider, USA TODAY Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at Gdhauari@ This article originally appeared on USA TODAY: CVS, Walgreens, Rite Aid store closures: Hundreds already shuttered Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Walgreens to close 1,200 stores nationwide. Are any Arizona stores shuttering?
Walgreens first announced widespread store closures in October 2024, when the pharmacy said it planned to close 1,200 underperforming stores. The store closures are part of an attempted turnaround for the company, which has struggled with declining profits — in the last quarter of fiscal year 2024, Walgreens lost $3 billion. When CEO Tim Wentworth discussed the closures in a 2024 earnings call with investors, he said that out of 8,700 stores, only 6,000 are profitable. Walgreens shuttered 70 stores nationwide by November 2024 and plans to close 500 more by August 2025. Will the closures affect Arizona stores? Here's what to know. Walgreens has no plans to close any stores in Arizona, according to a Walgreens spokesperson. Walgreens operates roughly 8,700 stores in 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands, according to its website. There are Walgreens locations in more than 40 Arizona cities. Stores in metro Phoenix alone number close to 100. Opening soon: Viral 'vegan McDonald's' restaurant making its Arizona debut. What to know Reach the reporter at Follow @reia_reports on Instagram. This article originally appeared on Arizona Republic: Walgreens to close 1,200 US stores. Are any Arizona stores shuttering? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
