Walgreens Continues Consolidation

Walgreens said Monday it is closing its distribution centers in Florida and Connecticut, leaving the company with 14 distribution centers in the U.S., reports Forbes.

“We are focused on aligning our operational structure to best serve our patients and customers,” Walgreens said in a statement. “This includes an evaluation of our distribution center operations in order to streamline capacities to best support our stores.”

In January, the drug chain revealed plans to reduce its dividend by 48 percent to advance its cash position, according to the report. The company has also been transitioning its focus toward specialty pharmacy and medical needs following the appointment of Tim Wentworth as CEO.

Last November, the retailer laid off five percent of its workforce in an effort to “streamline [Walgreens’] operations and focus on our critical priorities,” said Walgreens spokesperson Frazer Engerman. Full Story