Walgreens Plans To Close Nearly 600 Drugstores

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The company has announced that it is all set to close over 600 drugstores shortly. The move comes after it has made a deal with rival company Rite Aid to buy nearly 2000 drug stores. The entire deal is said to be worth $4.38 billion.

Michael Polzin, the spokesman for the company said that most of the closing will be of the Rite Aid stores and they will consider closing the stores that are within one mile of another store belonging to the Walgreens network.

Walgreens claims to be doing this in a way that customers will not get affected by the closing of the drug stores. However, the company has not announced which stores will be closed in the near future.

The acquisition plan was announced last month, and it has recently been completed. The closing of the stores will begin in the next spring season and the process will be completed over the next 18 months. The company operates more than 13,200 stores all over the world. It had earlier made an attempt to buy the entire stores of the Rite Aid Company, which did not succeed due to many reasons.

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Bob Allen

Bob Allen

Bob Allen is The Daily Telescope''s senior editor. He is also a nationally syndicated newspaper columnist and a bestselling author. He lives in Los Angeles and covers the intersection of money, politics and finance. He appears periodically on national television shows and has been published in (among others) The National Post, Politico, The Atlantic, Harper’s, Wired.com, Vice and Salon.com. He also has served as a journalist and consultant on documentaries for NPR and ShowTime. In 2014, he was the winner of the Society of American Business Editors and Writers' investigative journalism award, and the winner of the Izzy Award for Journalism from Ithaca College's Park Center for Independent Media. He was also a finalist for UCLA's Gerald R. Loeb Award and Syracuse University's Mirror Award. Before becoming a journalist in 2006, Sirota worked in Washington for, among others, U.S. Rep. Bernie Sanders, the U.S. House Appropriations Committee Minority Staff and the Center for American Progress.