### Walgreens Announces Closure of 1,200 Locations Amid Financial Challenges

Walgreens is set to close approximately 1,200 stores over the next three years as part of a strategic plan to manage costs, the company announced on Tuesday. This move will impact roughly 9.5 percent of its 12,500 stores worldwide, though details on the number of closures specific to the U.S. remain unclear.

The decision comes in the wake of a challenging fiscal year for the pharmacy chain, which reported a net loss and a 3.5 percent decline in retail sales for the fourth quarter. Executives had previously indicated that 25 percent of their retail locations were underperforming, signaling them as potential candidates for closure.

This comprehensive cost-cutting measure is aimed at addressing the financial hurdles Walgreens has encountered, with the company evaluating and ultimately deciding on the significant reduction in its global footprint. The exact locations of the closures are yet to be disclosed.