The Walgreens at 5151 W. Colfax Ave. closed in November 2024. (Max Scheinblum/BusinessDen)
Walgreens continues its Denver downsizing.
The national pharmacy chain is set to close two locations next month, one at 950 S. Quebec St. on Sept. 8 and another at 6200 E. Colfax Ave. on Sept. 10.
Spokeswoman Jen Cotto said the moves are part of a nationwide plan to reduce its store count by 1,200 within three years. Walgreens also closed six area stores in February and shut down multiple others in the Denver-metro area late last year.
In an SEC filing, the business said it closed 423 stores from October through May as a part of the program.
“We will continue to execute our previously announced turnaround plan aimed at stabilizing the retail pharmacy, including our footprint optimization program,” Cotto said in an email. “Increased regulatory and reimbursement pressures are weighing on our ability to cover the costs associated with rent, staffing, and supply needs.”
The Illinois-based retailer reported a net loss of $175 million in the most recent quarter, a far cry from the $344 million earned in the same period last year. Despite the change, the company said sales increased 7% year over year.
Shares of Walgreens Boots Alliance, the pharmacy’s parent company, are up 25% this year.
The Walgreens at 5151 W. Colfax Ave. closed in November 2024. (Max Scheinblum/BusinessDen)
Walgreens continues its Denver downsizing.
The national pharmacy chain is set to close two locations next month, one at 950 S. Quebec St. on Sept. 8 and another at 6200 E. Colfax Ave. on Sept. 10.
Spokeswoman Jen Cotto said the moves are part of a nationwide plan to reduce its store count by 1,200 within three years. Walgreens also closed six area stores in February and shut down multiple others in the Denver-metro area late last year.
In an SEC filing, the business said it closed 423 stores from October through May as a part of the program.
“We will continue to execute our previously announced turnaround plan aimed at stabilizing the retail pharmacy, including our footprint optimization program,” Cotto said in an email. “Increased regulatory and reimbursement pressures are weighing on our ability to cover the costs associated with rent, staffing, and supply needs.”
The Illinois-based retailer reported a net loss of $175 million in the most recent quarter, a far cry from the $344 million earned in the same period last year. Despite the change, the company said sales increased 7% year over year.
Shares of Walgreens Boots Alliance, the pharmacy’s parent company, are up 25% this year.
