Officials with drug store chain Walgreens have announced the company plans to close about 200 stores across the U.S.
The announcement came in the form of a document posted on the Security and Exchange Commission's website, USA Today reported.
The number of stores is less than 3% of the company's locations.
There are almost 9,600 Walgreens in the country, Phil Caruso told USA Today.
The closings are part of "the ongoing transformation of our business" and "to become a more efficient enterprise," Caruso told the newspaper.
It is also shutting down stores in the U.K. the company had announced earlier this year, according to CNBC.
The closings are expected to save the company $1.5 billion in expenses by the 2022 fiscal year, CNBC reported.
The company will not be releasing a list of stores it will close, CNBC reported.
About the Author
