Major U.S. pharmacy chain Walgreens will close about 1,200 "underperforming" store locations across the U.S. over the next three years, the company announced in its fourth quarter 2024 earnings report Tuesday.

Walgreens plans to close about 1,200 locations over the next three years as part of a cost-cutting plan, the company said Tuesday.

The plan announced Tuesday includes the closing of 300 stores that had been approved under a previous cost-cutting plan.

Walgreens said Tuesday it will close 1,200 stores across the U.S. over the next three years to try to recover from financial struggles that include billions of dollars in losses. The company said it will shutter 500 underperforming stores in the current fiscal year,

Walgreens will close about 1,200 locations over the next three years as the drugstore chain seeks to turnaround a struggling U.S. business that contributed to a $3 billion quarterly loss.