Walgreens front entrance
Walgreens stores are being closed in Baltimore City at an alarming rate due to ongoing challenges since COVID-19. Theft issues and health department problems are among the strongest factors for the closings. Walgreens reportedly plans to shut down over 1,000 stores nationwide by 2027.
In this gallery, we take a closer look at Walgreens’ struggles, as well as the company’s history.
Walgreens facing empty shelves and low stock
Charles R. Walgreen Sr. founded Walgreens in 1901, expanding quickly with innovations like in-house products and the malted milkshake. By 1927, the company went public and proceeded to modernize drugstore design.
Walgreens
In 1943, Walgreens opened a nonprofit Pentagon store, becoming the largest self-service retailer by the 1950s, and expanded internationally in 1946. It pioneered child-resistant containers in 1968 and connected pharmacies via satellite in 1981.
Walgreens Customer Service
Walgreens hit milestones like its 1,000th store in 1984, launching Walgreens.com in 1999, and opening its 5,000th store in 2005. By 2009, it operated in all 50 states and provided H1N1 vaccinations nationwide.
Walgreens Pharmacy
In 2014, Walgreens merged with Alliance Boots, forming a global health enterprise. It advanced sustainability with a net-zero energy store in 2013 and continues innovating in pharmacy care and health services.
Walgreens
In 2024, Walgreens Boots Alliance announced plans to close 1,200 stores over three years as CEO Tim Wentworth leads a turnaround amid low drug reimbursement rates and weak consumer spending.
Walgreens locks more merchandise behind glass
Wentworth said, “This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term.”
Walgreens gift cards
The company narrowly exceeded Wall Street’s lowered profit estimates for Q4 and forecasted fiscal 2025 earnings mostly in line with expectations. Its shares rose 12.3% after the announcement but remain the S&P 500’s worst performer this year, down 65%.
Walgreens vaccine distribution
CFO Manmohan Mahajan said, “Walgreens said it will close 500 stores in 2025 and focus on locations that are cash-flow negative, and underperforming stores where the lease expirations are due in the next few years.”
Walgreens prepares to close
Wentworth has implemented major changes, including cutting $1 billion in costs and removing mid-level executives. Walgreens will close 500 stores in 2025, focusing on underperforming locations with expiring leases.
Walgreens begins to stock Narcan at their pharmacies
In Q4, Walgreens reported a $3 billion loss due to goodwill impairments but earned 39 cents per share excluding charges, beating analysts’ expectations of 36 cents. Fiscal 2025 earnings are projected between $1.40 and $1.80 per share.