Photo: Moment RF
Walgreens recently announced plans to shutter 1,200 stores as part of a plan to reduce operations across the country over the next couple of years.
The beloved pharmacy chain, with over 100 locations scattered throughout Pennsylvania, lost a whopping $3 million as part of their fourth-quarter earning report.
Neil Saunders, retail analyst and managing director at Global Data Retail, told CNN that the massive loss in sales has something to do with company negligence of "the fundamentals."
"Walgreens spent years building its business through acquisitions and neglected the fundamentals of its stores and its retail operations. That has pushed a lot of outlets into a position where they are losing sales and are not generating a return."
So, what exactly led to this scale-down and what can customers expect for the future of Walgreens?
Online pharmacies definitely contributed to the apparent decline in Walgreens' sales, as it is difficult for the chain to compete with the convenience of Amazon and businesses like it.
This news arrives just over a week after Walmart announced that they would be closing a handful of stores across the country.
For a full list of Walgreens locations across Pennsylvania, visit the pharmacy chain's website.
For additional information regarding Walgreens' plan to shutter over 1,000 stores within the next two years check out: Pharmacy Chain Closing 1,200 Locations Across The Country.