Pharmacy chain Walgreens announced it will shut down 1,200 stores across the United States over the next three years.
Closures of Walgreens stores were announced in June, but the company had not disclosed the number of affected stores at that time.
It had more than 8,000 stores in the United States as of Aug. 31 last year.
"Our financial results in the fiscal fourth quarter and full year 2024 reflected our disciplined execution on cost management, working capital initiatives and capex reduction," Walgreens CEO Tim Wentworth said in the statement.
Walgreens, like its competitors, has been struggling for years with tight reimbursement for the prescriptions it sells as well as other challenges such as rising costs to operate its stores.
Rival CVS Health Corp. is wrapping up a three-year plan to close 900 stores.
Walgreens has also been backing away from a plan to add primary care clinics next to some of its stores after launching an aggressive expansion under previous CEO Rosalind Brewer.
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