Walgreens is Closing 1,200 Stores, YOUR New Jersey & Pennsylvania Store Is Likely to Be Affected

Whoa. This is a pretty big deal. In an era where it feels like we're constantly reporting on store closings.

Walgreens just announced plans to close a staggering number of stores. They say that they will close approximately 1,200 locations over the next three years.

Its estimated that approximately over 500 stores will actually close within the next year. 

The company said those closures will be “immediately accretive” to its adjusted earnings and free cash flow.

If you're thinking you've already heard about this, well, you have.

However, it actually represents a BIG uptick in the number of stores they'll shut the doors to when compared to what they announced back in June.

Back then they said they were only going to close 300 "underperforming stores."

Walgreens currently operates approximately 8,000 stores nationwide. They say that about a qquarter of those locations are "underpforming."

By the way, 1,200 closures announced today, DOES include those previously announced 300 locations.

Walgreens investors seem to have reacted positively to the news. The company’s shares jumped about 6% in premarket trading, CNBC reported.