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Walgreens Boots Alliance (WBA), the parent company of high street pharmacy Boots, plans to close 1,200 stores in the United States over the next three years in response to a slowdown in consumer spending and low drug reimbursement rates. As reported by The Times, the closures are part of a strategy by new CEO Tim Wentworth to restore growth for the group, which runs over 8,700 stores in the US and 2,000 Boots pharmacies in the UK. Wentworth described the 2025 financial year, which started last month, as a crucial "rebasing year" for the company. He expressed confidence that, although the turnaround will take time, it will yield significant financial and consumer benefits in the long term. The announcement of the store closures coincided with the release of the fourth-quarter results, which slightly exceeded Wall Street's lowered estimates. Walgreens' stock, which has declined by 65 per cent this year and is now trading near 30-year lows, rose by $1.44, or 16 per cent, closing at $10.44 on Wall Street.

WBA, Boots parent company revealed the results for its fourth quarter of the financial year, showing three months to August 2023. The reports published on 12 October show the loss of at least $1bn following a net loss of $3.1bn on an annual basis. This marks a decrease compared to a profit of $4.3bn in the previous financial year. The loss was attributed in part to a $5.5 billion after-tax charge related to opioid claims and litigation during the period, as well as the comparison against a $2.5 billion after-tax gain from the company's investments in Village MD and Shields Health Solutions in the same period last year. Ginger Graham, WBA's Interim Chief Executive spoke about the company's performance and its dedication to their customers and patients.