Walgreens to permanently close 5 LA-area stores — as it shutters 1,200 nationwide
1. Walgreens to close five locations in Southern California, losing 93 jobs. 2. The company faces a 52% increase in inventory 'shrink' causing reduced sales. 3. Walgreens stock has plummeted 82% over five years, trading at $9.36 now. 4. Regulatory pressures and rising costs continue to affect Walgreens' profitability. 5. Competitors CVS and Rite Aid are also downsizing amid industry challenges.