Walgreens To Close 157 In-Store Clinics With Eye On Re-Shaping Position In Health Care Landscape
The clinics faced increasing competition with the rise in telemedicine. Walgreens also announced it will be partnering with Jenny Craig to offer on-site weight-loss consultations.
The Associated Press:
Walgreens To Shutter In-Store Clinics, Add Jenny Craig Sites
Walgreens will shutter nearly 40% of the clinics in its stores as the drugstore chain cuts costs and shifts to other businesses it believes will draw more people through its doors. The company said Monday that it will close 150 Walgreens-run clinics by the end of the year, but it will keep open more than 200 that are run in partnership with health care providers. (Murphy, 10/28)
Bloomberg:
Walgreens To Close 157 In-Store Clinics By End Of The Year
Walgreens said it will offer Jenny Craig meal-planning and weight-loss consultations at 100 locations starting in January 2020. Under an existing deal with medical-testing company LabCorp, customers will be able to get blood and other lab tests in at least 600 Walgreens stores in the next few years. (Langreth, 10/28)
The Wall Street Journal:
Walgreens To Scale Back In-Store Clinics
Walgreens and rival CVS Health Corp. both see establishing themselves as treatment centers for chronically ill patients as a way to offset slowing revenue from prescription drugs and competition from online retailers. The two chains are taking different approaches. Walgreens has increasingly sought partnerships with other companies and health systems, while CVS is executing its plan through acquisitions or by building its own new business. (Terlep, 10/28)
CNBC:
Walgreens' Earnings Top Expectations While Store Closures, Layoffs Weigh On Profitability
Walgreens shares have fallen nearly 19% this year as the drugstore chain struggles to convince investors it has a plan to compete with old rivals like CVS and new ones like Amazon. Walgreens recently announced a partnership with Alphabet’s Wing to test using drones to deliver nonprescription items like groceries and over-the-counter medicines. That’s in addition to the more than one dozen partnerships Walgreens has already made to bring new services to its drugstores, such as dental and doctors offices. (LaVito, 10/28)
Chicago Tribune:
Walgreens Lays Off Employees At Deerfield HQ, Scraps Annual Bonuses And Boosts Cost-Cutting Goal To $1.8 Billion
Walgreens laid off employees at its Deerfield headquarters last week and won’t pay annual bonuses this year as it works to increase its cost-cutting goal to $1.8 billion annually. The actions come as Walgreens, which has 18,750 stores worldwide, grapples with changes including how consumers use pharmacies. (Schencker, 10/28)
