Boots to close 300 pharmacies within a year
Boots is set to close 300 of its stores within the next 12 months, as it looks to “consolidate” its high street business.
The parent group of the pharmacy chain, Walgreen Boots Alliance, said that stores within close proximity to each other will be closed.
While the locations of the closing stores is currently unknown, it is believed that staff at these pharmacies will be offered jobs at nearby branches.
The move will leave Boots with an estate of 1,900 pharmacies.
As part of its quarterly results statement, Walgreen Boots Alliance said the decision to close the branches was part of a “transformation plan”.
It had reported “strong” retail sales in its UK business and said Boots had seen year-on-year growth of 13.4% in the third quarter of its financial year.
Overall, sales at Boots increased by 10.2% in this period. However, Boots’ American owner has cut its earnings forecast, citing cautious customer spending and high inflation.
The parent company said it had seen increasing numbers of people shopping online and purchasing own-brand labels as they look to cut costs.
Earlier this year, Boots’ chief financial officer left the company after plans to sell or float the business were abandoned.