A month after the Federal Trade Commission gave Walgreens the go-ahead to acquire half of Rite Aid’s 2,000 stores for $4.38 billion, the chain says it will be closing 600 stores — and most of those will be Rite Aid locations.
The store closures will start next spring, said George Fairweather, a Walgreens Boots Alliance vice president with a really long job title, during this mornings quarterly earnings call.
“Following regulatory clearance, we have been able to complete a comprehensive review of the combined store portfolio to determine the scope for optimizing locations,” Fairweather said. “This has resulted in our decision to close approximately 600 stores and related assets over an 18-month period, beginning in spring 2018.”
The company hasn’t put out a list of which stores will be getting the axe, but another fancy-titled Walgreens person said today that the “vast majority” of closures will be Rite Aids, and most of those will be stores that are located within one mile of a store within Walgreens’ existing network.
So, if you have both a Walgreens and a Rite Aid within a short walking distance of your home, the odds are that one of them will be shutting down soon and probably turned into a random donuts/vaping supply store run by your older brother’s strange friend from high school.