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Walgreens Plans to Close 200 Stores

America's biggest drugstore chain is getting downsized.

Walgreens announced plans Thursday to close about 200 U.S. stores as the chain expands on a $1 billion cost-reduction plan it announced last August. The store closings amount to about 2 percent of the 8,232 drugstores it runs in the United States, Puerto Rico and the U.S. Virgin Islands.

Spokesman Michael Polzin said Walgreens hasn't finalized the list of stores it plans to shutter, and the closings will be scattered around the country. Walgreen said its moves will lead to a "faster and more agile company."

Recently the drugstore chain's revenue of $26.57 billion fell short of analysts' forecasts for $27.73 billion.

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-- The Associated Press