Walgreens reports a $5.8B charge due to clinic operator VillageMD
Walgreens is cutting down on a part of its business it once saw as a key part of its future.
The health giant reported a net loss of $5.9 billion during quarterly earnings Thursday, with $5.8 billion of it being an impairment charge on its investment in its primary care chain VillageMD.
It also plans to close 160 clinics total, executives said on the earnings call, a leap from the 60 underperforming clinics the company planned to shutter last fall as part of its cost-cutting goal of $1 billion. The retailer has since closed all stores in states such as Illinois and Florida.
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