Illinois-based Walgreen Co. plans to close 76 unprofitable stores by August 2014.
The closures affect less than one percent of all Walgreen’s locations in the U.S. according to Walgreen Chief Executive Greg Wasson, who announced the closings during a Tuesday, March 25 discussion of the company’s second-quarter 2014 financial results.
Walgreens also planned to open new stores in 2014, resulting in a net increase of 55 to 75 locations. Walgreens operates more than 8,600 drugstores.
The company did not specify which stores would close. Most of the closings were planned for locations where real estate values have declined dramatically or where another Walgreens store opened nearby.
Employees affected by the closings will be reassigned according to Wasson.
Walgreen Co. is based in Deerfield.