Walgreens latest company to announce store closures

Walgreens Pharmacy announced it would shut down numerous underperforming stores.

The drug store chain's plan to reshape its footprint was revealed on Thursday when Walgreens Boots Alliance CEO Tim Wentworth stated that the company would close a "meaningful percent" of its 8,600 locations . It is unknown how many closures will occur with this shake-up, though Wentworth said the company is reviewing around 25% of its unprofitable stores.

"We recognize where we are is a turnaround," Wentworth said. "We recognize that we need to be focused on what are the parts of the business that we believe are contributing and have a future, and some of those need to change."

Wentworth added that stores dealing with theft are also being looked at, citing a desire for "investing in public safety" for employees and customers. He also clarified most employees would be offered a job at another location.

The news of Walgreens's shake-up has tanked shares for the Walgreens Boots Alliance, which cost around $11.71 per share at 2 p.m. Eastern on Thursday. A day earlier at the same time, shares cost about $15.61 per share.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

Walgreens's intention to close underperforming stores comes after several restaurant chains have taken similar measures, with the most recent being Hooters, which is closing about 40 of its locations . The locations confirmed to be closed are in South Lakeland, Florida, and Wichita Falls, Texas.

Rubio's Coastal Grill also announced earlier this month it was closing almost 50 locations in California . Those closures were made after California mandated a $20 minimum wage for "fast-food restaurant employees" under a new law.