Consumer
Walgreens’ Shares Plunge on Outlook Cut, More Store Closings
- Management lowers full-year guidance for second quarter in row
- Chain also making more organizational changes to drive profit
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Walgreens Boots Alliance Inc. slashed its guidance due to a worsening retail environment and announced it would close significantly more stores as its new chief executive officer seeks to turn the business around.
In addition to shuttering locations, management said it would make more organizational changes without specifying further job cuts. The company has had a rocky few years with turnover in the executive ranks amid a challenging retail climate.