Walgreens stores closing: Pharmacy chain to shut down 1,200 locations

Walgreens, a major pharmacy chain in Kentucky, is closing approximately 1,200 stores across the United States due to slumping consumer spending.

The closures will occur within the next three years, starting with 500 stores being shuttered in fiscal year 2025, Walgreens announced in an earnings report Tuesday. The company confirmed plans in June to USA TODAY to close unprofitable stores but had not disclosed how many locations would be affected.

The move is part of a multi-year cost-cutting program under CEO Tim Wentworth, who took on the job last year. In a statement, Wentworth reiterated the company's commitment to focusing on improving its core business: retail pharmacy.

"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.

More:Coca-Cola recalls thousands of mislabeled zero-sugar canned drinks, some in Kentucky

There are about 30 Walgreens locations in Louisville within a 10-mile radius of Downtown. Find your nearest Walgreens here.

It's unclear if any Walgreens locations are planning to close in Louisville or Kentucky.

While it's not immediately clear which 1,200 stores Walgreens is planning to close, the move would impact about 13% of the more than 8,700 stores open in the United States as of Aug. 31 last year.

The announcement comes amid an improving – but still challenging – fiscal year 2024.

While Walgreens exceeded its target of slashing $1 billion in costs in the last fiscal year, the chain reported a $3 billion loss last quarter. Still the chain's revenue in the last fiscal year rose more than 6% from the a year ago, according to the company's earnings report.

Fourth-quarter sales in the retail pharmacy sector reached $29.5 billion, an increase of 6.5% from the same quarter a year ago.

Contributing: Gabe Hauari, USA TODAY; Reuters

Eric Lagatta covers breaking and trending news for USA TODAY. Reach him at [email protected]