Walgreens Announces Plan to Close Hundreds of Stores

Less than a week after the news that most - if not all - Rite Aid stores in Michigan will be closing, Walgreens announced a plan to shutter hundreds of retail locations.

Walgreens' stock prices have tumbled today (6/27) after the drugstore chain said it missed its 2023 third-quarter earnings expectations.

Pharmacy Closings Throughout Michigan

Numerous Rite Aid closures were announced earlier this month and many Rite Aid employees are claiming that all locations throughout Michigan will soon be shuttered.

As Rite Aid stores prepare to close their doors, many customers' prescriptions will be transferred to Walgreens. But news that the latter chain will also be closing hundreds of locations has many pharmacy customers wondering what will happen to their prescriptions.

While Rite Aid has not officially confirmed that all Michigan locations will close, the following stores are slated to close:

• Livonia (37399 Six Mile Road)
• Burton (G4033 Fenton Road)
• Burton (6026 Lapeer Road)
• Flint (4519 Richfield Road)
• Ludington (936 E Ludington Avenue)
• Wyandotte (1998 Biddle Avenue)
• Spring Lake (603 E Savidge Street)
• Bay City (3880 Wilder Road)
• Marlette (2985 Main Street)
• Grosse Pointe Farms (107 Kercheval Avenue)
• Milford (640 N Milford Road)
• Allen Park (15411 Southfield Road)

Walgreens in Michigan

Walgreens operates about 8,600 locations throughout the United States with roughly 225 stores in Michigan.

CEO Tim Wentworth told analysts Thursday (6/27) that "changes are imminent" for about 25% (approximately 2,100) of its total stores.

Wentworth says the company plans to close a significant portion of those underperforming stores.

A list of Walgreens locations slated for closure has not been released.

Walgreens Suffering From Increased Competition

According to the Associated Press, analysts say competition from Walmart and Amazon has led to the demise of Walgreens. As inflation rises, consumers tend to be more price-conscious, shopping around to find the most cost-effective options for prescriptions and other goods.