Could rampant theft be part of the problem?

~NightSky

Walgreens said on Tuesday it would shut 1,200 stores over the next three years as new CEO Tim Wentworth plots a turnaround at the struggling pharmacy chain operator hit by sluggish consumer spending and low drug reimbursement rates.

The company also narrowly beat Wall Street's lowered estimates for fourth-quarter adjusted profit, and forecast fiscal-year earnings that were mostly in-line with expectations.

News of the closures means that by 2027 one in seven Walgreens will have closed its doors. Around 500 of the stores scheduled for the chop will shutters over the next year, although their locations have not yet been revealed.

Pharmacy chains are facing their most turbulent time in recent history as consumers avoid high-priced grocery items and pressures mount on payments they receive from drug middlemen for filling prescriptions.

America's retail sector is facing what has been dubbed a 'retail apocalypse' driven by high inflation leading to store closures and bankruptcies. Consumers are also increasingly choosing to shop online rather than in bricks and mortar stores.

Other chains who've closed many or all of their stores include Macy's, Rite Aid, K-Mart, 7-Eleven and Family Dollar.