Walgreens pharmacy in Baltimore, MD.. Photo: Diego M. Radzinschi/ALM

In August, CVS announced it closed 850 stores nationwide, and now Walgreens has announced today that it will close about 1,200 drugstore locations over the next three years, as new CEO Tim Wentworth aims to turn around the struggling drugstore chain hit by sluggish sales and low drug reimbursement rates that contributed to a $3 billion quarterly loss.

The Chicago-based pharmacy chain said Tuesday that about 500 store closures will come in the current fiscal year, which began Sept. 1, and should immediately support adjusted earnings and free cash flow. Walgreens didn't say where the store closings would take place.

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