Drugstore chain closing locations
A national chain of drugstores is shutting down about 600 locations as part of an acquisition deal.
Deerfield, Illinois-based Walgreens said yesterday in its fourth-quarter and year-end earnings announcement that it has “secured regulatory clearance” to purchase 1,932 stores from competitor Rite Aid, based in Camp Hill, Pennsylvania, for $4.38 billion.
In order to “optimize” its store locations, the company also plans to close hundreds of its combined stores.
Walgreens said in its earnings report it expects to begin the closures next spring and carry them out over 18 months.
The company expects cost savings of about $300 million per year within four years.
Walgreens did not specify if any West Michigan locations would be affected by the transition.