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Walgreens Plans Major U.S. Store Closures; Shares Tumble

Walgreens Boots Alliance Chief Executive Tim Wentworth is taking the struggling chain in a new direction, planning to close a substantial number of poorly performing stores and pulling back on the company’s plunge into the primary-care business.

Shares of the pharmacy chain plummeted 22.16% to $12.19 Thursday, after The Wall Street Journal reported Wentworth’s plans and the company failed to meet Wall Street’s expectations for quarterly earnings and lowered its guidance for the full year. It was the stock’s largest percent decline on record.

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