BCFC
Walgreens Boots Alliance (NASDAQ:WBA) Chief Executive Tim Wentworth said the company is planning to close a “substantial number” of poorly performing stores and will pull back on the company’s foray into the primary-care business. Wentworth told The Wall Street Journal that Walgreens (WBA) will reduce its stake in primary-care provider VillageMD as part of the shift in strategy.
“We recognize that we need to be focused on what are the parts of the business that, we believe, are contributing and have a future, and some of those need to change,” he stated during the interview.
The decisions by Walgreens (WBA) were part of a broad strategic review. In addition to closing U.S. stores, Walgreens (WBA) plans to launch a U.S. Retail Pharmacy action plan to invest in and deliver an improved customer and patient experience across channels. The company also said it will align its U.S. Pharmacy and Healthcare organizations for enhanced go-to-market capabilities, as well as simplify and focus the U.S. Healthcare portfolio.
Shares of Walgreens Boots Alliance (WBA) were down 14.50% to a new multi-year low of $13.37.
