A Walgreens health and beauty consultant talks with a customer. Deerfield-based Walgreens has announced it will close 1,200 stores in the next three years. (Walgreens Boost Alliance photo)

Deerfield-based Walgreens has announced that it will close 1,200 stores during the next three years.

The drug-store chain is expected to close 500 stores in fiscal 2025.

The disclosure came in a Walgreens Boost Alliance report on the 2024 fiscal year, which ended Aug. 31.

WBA reported fourth-quarter sales increased 6 percent to $37.5 billion from the fiscal 2023 fourth quarter

The company’s fourth-quarter operating loss was $978 million, an increase of 117 percent compared to the fourth quarter of fiscal 2023

“In fiscal 2025, we are focusing on stabilizing the retail pharmacy by optimizing our footprint, controlling operating costs, improving cash flow, and continuing to address reimbursement models to support dispensing margins and preserve patient access for the future,” said Tim Wentworth, chief executive officer of Walgreens Boots Alliance. “This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term.”