Walgreens to close 1,200 locations nationwide

The pharmacy chain Walgreens is planning to close 1,200 locations, the company announced on Tuesday.

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The company previously announced it had plans to close 300 underperforming locations, CNN reported. The new number includes those stores.

In all, Walgreens plans to close 500 locations over this fiscal year, The Associated Press reported.

“This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term,” CEO Tim Wentworth said in a statement to Reuters .

The drug store chain has had financial trouble over the past few years with reimbursements for prescriptions lower than previously while the cost to operate stores continues to climb.

The company also is reviewing its healthcare business called VillageMD and may consider selling part or all of the clinics, less than two years after the company planned to sink billions of dollars to expand the offering, the AP reported.

Walgreens has about 8,500 stores in the U.S., Forbes reported.

Check back for more on this developing story.