Oct 18, 2024
While national news reports confirmed Walgreens plans to close thousands of stores to help the pharmacy chain stem losses from a rough fiscal year, the local impacts remain uncertain.  Store employees contacted Thursday said they were given little public information regarding which stores would be among the 1,200 planned closures its corporate ownership announced Tuesday.  The number given was as high as 2,150 stores in July over the next three years, but the figure given after Tuesday’s earnings report was 1,200 stores in 2025, which was announced in a conference call with shareholders, according to the company’s statement.   There are five locations in the Santa Clarita Vally, and several of the local stores contacted said they could not speak on the record and referred comments to corporate.   However, speaking on background, local employees said they had been made aware of the closures through media reports, and some followed up, seeking more information in online forums like Reddit.  One said based on the indications he’d read about, which included slower truck movement and design plans, that the Castaic locations seemed safe for now. He indicated the store he worked at has been very busy lately and recently began making plans for its Christmas decorations.   The local stores listed online include: 24790 Valley St.; 23925 Newhall Ranch Road; 27983 Sloan Canyon Road; 28460 Haskell Canyon Road; and 19266 Soledad Canyon Road.   The news reports have come in response to financial statements from the company this week that indicated the retailer suffered a big hit this past year: The company’s fourth-quarter loss per share was $3.48 versus a loss per share of $0.21 in the year-ago quarter. The fiscal year’s operating net loss was listed as $978 million for the quarter, while the net loss was reported at $3 billion.   “Our financial results in the fiscal fourth quarter and full year 2024 reflected our disciplined execution on cost management, working capital initiatives and capex reduction. In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow, and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” said Tim Wentworth, CEO of the Walgreens Boots Alliance, in a statement Tuesday in the fiscal year report that prompted the renewed concerns around the closures. “Fiscal 2025 will be an important rebasing year as we advance our strategy to drive value creation. This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term.”  The post Local impact on Walgreens closures uncertain  appeared first on Santa Clarita Valley Signal.
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