Walgreens confirmed over 1,000 stores will close across America after the company announced a substantial number of locations will have to shutter doors in June.
In an earning report Tuesday, Walgreens announced 1,200 stores will close due to a slump in consumer spending.
In the statement a Walgreens spokesperson said the company is repositioning its store footprint, noting that about 25% of its stores are not contributing to the chain's long-term strategy.
The decision to close stores is part of a multi-year cost-cutting program under Walgreen's new CEO Tim Wentworth.
"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.
