Walgreens is closing 1,200 stores due to overexpansion and ineffective security, reflecting a company struggling to adapt after facing significant losses.
The chain admitted their previous focus on shoplifting complaints was excessive and acknowledged that many locations were undermining each other's business.
Despite facing an $3 billion loss this quarter, Walgreens' announcement led to a 12% stock price increase, indicating shareholder optimism amid long-term declines.
GlobalData's Neil Saunders remarked that the extensive store closures illustrate a business in distress striving to rectify past strategic mistakes.
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