(TheIndependentStar.com) – Exposing the dire consequences of the Biden-Harris administration’s disastrous economic policies, Walgreens plans to shut down 1,200 stores nationwide.
This massive closure affects one in four Walgreens locations and is a glaring testament to the struggles American businesses face due to rampant inflation and government regulations.
The Chicago-based pharmacy giant has approximately 8,700 stores across the country and aims to close 500 locations in 2025 alone.
This drastic measure is part of a broader $1 billion cost-cutting initiative over the next three years due to the unprofitability plaguing a quarter of its stores.
Walgreens CEO Tim Wentworth candidly spoke about the gravity of the situation, stating, “The current pharmacy model is not sustainable.”
“This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term,” Wentworth said in a statement.
The company’s stock has plummeted to a 30-year low, down a staggering 65% this year and making it the worst performer on the S&P 500 index.
This financial freefall is seemingly a direct result of the challenging retail environment created by the Biden-Harris administration’s policies, which have left consumers struggling.
“Walgreens does itself no favors in this environment by having a lackluster proposition and broadly uncompetitive prices compared to mass merchants,” GlobalData managing director Neil Saunders stated.
“It is no good executing selective promotions, which the chain did over the past quarter, there needs to be a more fundamental overhaul of the retail offer,” Saunders added.
The stores’ closure is not just a business decision; it is a stark warning about the state of our economy.
Walgreens is dealing with high inflation, low drug reimbursement rates and a consumer base that is forced to pinch pennies due to Bidenomics.
The company has even cut prices on 1,300 products in an attempt to stay afloat in this hostile economic climate.
Moreover, these closures risk creating “pharmacy deserts,” mainly affecting minority communities and prompting poorer health outcomes.
Copyright 2024, TheIndependentStar.com