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.

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