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Walgreens to close nearly 600 stores in Rite Aid deal

Most closures expected to be Rite Aid locations
Posted at 7:12 AM, Oct 26, 2017
and last updated 2017-10-26 10:48:34-04

Walgreens announced plans to close almost 600 stores as part of a deal with Rite Aid. Most of the stores will be Rite Aid locations.

Most of the closures will be Rite Aid stores, according to The Associated Press, but the company did not disclose which locations will be shuttered. 

Walgreens Boots Alliance acquired 1,932 Rite Aid stores as part of a $4.4 billion cash deal, according to Fortune. The deal is expected to close in the spring. 

“The vast majority being closed are within one mile of another drugstore that we own going forward,” Alexander Gourlay, the company's co-chief operating officer, told Wall Street analysts on a conference call, according to Fortune. 

Walgreens has more than 13,000 stores in 11 countries.