Retail carnage: Walgreens, Sears and Kmart announce store closings
Retailers will soon lose more brick-and-mortar locations.
Walgreens, Sears and Kmart announced location closings in the last 24 hours.
Walgreens plans to close 200 of its pharmacy locations in the United States as it seeks to cut costs. The closings are part of its previously announced plan to trim costs by $1.5 billion in a few years, according to a regulatory filing.
Back in May, the company announced plans to close 200 stores in the United Kingdom.
Walgreens operates more than 18,000 stores worldwide.
Meanwhile, more Sears and Kmart stores are closing.
Nearly six months after emerging from bankruptcy, the retailers' parent company says 21 Sears and five Kmart stores will close in late October, according to USA Today.
“We have made the difficult but necessary decision to close 26 large-format Sears and Kmart stores in late October,” the company statement said, noting the Sears Auto Centers at many of the stores will close in late August.
This is the first list of closures the company has posted on its corporate website since Dec. 28.
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In February, former Sears CEO Eddie Lampert received approval to buy Sears out of bankruptcy, keeping about 400 stores open under a new entity, Transform Holdco.