Are 99 Cents Only stores coming back?
Dollar Tree announced that the company has acquired the leasing rights for 170 of the closed locations of the recently shuttered 99 Cents Only stores.
Fox – LA
Californians who get their medications at Walgreens may have to find a new pharmacy to fill their prescriptions.
Approximately 1,200 Walgreens will close nationwide, USA TODAY reported Tuesday, as the pharmacy chain struggles with slumping consumer spending. The closures will occur within the next three years, starting with 500 stores being shuttered in fiscal year 2025, Walgreens announced Tuesday in an earnings report. The company had confirmed plans in June to USA TODAY to close unprofitable stores but had not disclosed how many locations would be affected.
The move is part of a multi-year cost-cutting program under CEO Tim Wentworth, who took on the job last year. In a statement, 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 announcement comes amid an improving – but still challenging – fiscal year 2024.
While Walgreens exceeded its target of slashing $1 billion in costs in the last fiscal year, the chain reported a $3 billion loss last quarter. Still the chain’s revenue in the last fiscal year rose more than 6% from a year ago, according to the company’s earnings report.
Fourth-quarter sales in the retail pharmacy sector reached $29.5 billion, an increase of 6.5% from the same quarter a year ago.
Walgreens has not announced which stores will close. As of Aug. 31 last year, the drugstore chain had more than 8,700 stores in America.
How many Walgreens are in California?
Walgreens did not respond to The Desert Sun’s inquiry regarding how many Walgreens are in California and if any locations would be affected by the closures. However, data company ScrapeHero reports there are 540 Walgreens stores in California. An incomplete count of Walgreens in California, based on an online directory that doesn’t immediately indicate the total number of locations in the state, shows more than 100 stores.
Other states Walgreens has a significant presence in are Florida, Texas and Illinois, according to ScrapeHero.
What other businesses are closing locations in California?
The news comes as several other companies shutter their stores in California. Big Lots will close nearly 100 stores across the state following the retailer’s filing for Chapter 11 bankruptcy protection earlier this year. LL Flooring, formerly Lumber Liquidators, announced it’d close 11 stores in California as it filed for Chapter 11 bankruptcy in August. And 99 Cents Only Stores, originating in Los Angeles, closed all 371 locations, including California stores.
Paris Barraza is a trending reporter covering California news at The Desert Sun. Reach her at [email protected]. Follow her on Twitter @ParisBarraza.
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Publish date : 2024-10-16 13:47:00
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