Walgreens is in particularly awful shape
CNN
Drug stores around the United States are struggling. Especially Walgreens.
Drug stores around the United States are struggling. Especially Walgreens. Walgreens’ stock has plunged more than 80% over the past five years, ranking the company among the worst-performing stocks during that stretch. It’s closing 1,200 stores, roughly 15% of its locations. And now Walgreens is reportedly looking to escape the public market. Walgreens and private equity firm Sycamore Partners are discussing a deal to take Walgreens private, the Wall Street Journal reported Tuesday. The companies declined to comment to CNN on a potential deal. Walgreens’ problem, first and foremost, is that it’s more of a traditional pharmacy than CVS. Walgreens has slipped behind CVS because it’s smaller than CVS, giving it less scale to negotiate prices with insurers and other health care entities that pay for most of the prescriptions people pick up. Walgreens is also more reliant on filling prescriptions through its pharmacy business and selling snacks and household essentials than CVS, which has made a push into health care services. Both the pharmacy business and the retail business are struggling for different reasons. Profits from the pharmacy business have dropped in recent years as reimbursement rates for prescription drugs fall. The prices customers pay for drugs and the payments pharmacies receive are largely determined by companies known as pharmacy benefit managers, or PBMs, which negotiate rebates from drug manufacturers to insurers. PBMs have been cutting reimbursement rates to boost their own profits.
Companies like Kraft Heinz, Mondelez and Coca-Cola, were hit with a new lawsuit accusing them of designing and marketing “ultra-processed” foods to be addictive to children, causing chronic disease.
Corporations are scrambling to protect their senior executives. Boards are reassessing security budgets. And CEOs are being told to delete their digital footprints.
There are a couple of weeks left in 2024. That gives you a little time to do any number of things that can reduce your taxes and boost your bottom line for this year.
2024 may not have been the best or worst year ever for McDonald’s — but it was certainly a memorable one.
A bankruptcy judge has blocked The Onion’s winning bid for Alex Jones’ Infowars conspiracy platform, citing concerns with the auction process which he says left money on the table.
General Motors is pulling the plug on its efforts to develop a fleet of driverless taxis and will focus on driver-assistance features that require a driver to be ready to take control of the car, the company said Tuesday.
A federal judge in Oregon blocked Kroger’s proposed $25 billion tie-up with Albertsons, ruling that the largest merger in US supermarket history would limit competition and harm consumers.
Walgreens is reportedly looking to take itself private in a deal with Sycamore Partners, sending the stock nearly 20% higher Tuesday.
1-star McDonald’s reviews and sympathetic merch: Companies try to stop online support for CEO killer
After police found the words “deny,” “defend” and “depose” printed on shell casings near the site where UnitedHealthcare CEO Brian Thompson was gunned down, merchandise bearing those words started to appear online.
Chinese leader Xi Jinping has warned the United States against restarting a trade war, saying there would be “no winners” even as he vowed to defend the country’s economic interests.
The global airline industry will likely rake in more than $1 trillion in revenue next year, as passenger numbers look set to hit an all-time high of 5 billion, the International Air Transport Association said Tuesday.