Why Walgreens And CVS Are Shutting Down Thousands Of Stores

In its fiscal third-quarter report, Walgreens announced its plans to close a ‘significant’ amount of stores, acknowledging only 75% of its 8,600 stores were profitable. While no specific stores were tapped for closure yet, more than 2,000 locations could face the chopping block by 2027. This just the latest sign of trouble for the struggling retail pharmacy sector as CVS and Rite Aid both announced large closures in the past year. Watch the video above to learn why U.S. pharmacy chains are fighting for survival. Chapters: 0:00 Introduction 1:17 What Went Wrong 4:10 The drug pricing problem 7:04 The impact of pharmacy deserts 10:03 What’s next? Produced by: Devan Burris Edited by: Darren Geeter Animation: Christina Locopo, Jason Reginato Senior Managing Producer: Tala Hadavi Additional Footage: Getty Images, CVS, Rite Aid