Walgreens (NYSE:WAG) plans on closing 200 US locations.
The drugstore said the move is part of a larger effort to cut costs by $500 million. Walgreens plans on cutting costs by $1.5 billion by the end of fiscal 2017.
The company also plans on doing the following to reduce costs: “reorganize corporate and field operations; drive operating efficiencies; and streamline information technology and other functions.”
Walgreens has yet to comment on what stores it will close, adding that the move will not occur in any specific geographic zone.
The retailer posted its quarterly earnings report today, beating the consensus earnings-per-share estimate of $0.95 with $1.18 EPS.
WAG stock is down $0.96 Thursday.
