Walgreens CEO Tim Wentworth announced plans to close 1,200 stores over three years due to financial struggles, following CVS’s layoffs of 2,900 staff. Both chains are facing challenges from changing shopper habits and competition from online retailers. CVS and Walgreens have expanded into health care but are now reconsidering their business models to focus on their core pharmacy business. The companies are also looking to restructure how they are paid for filling prescriptions in hopes of turning their fortunes around.
