Boots announced plans to close 300 stores within a year

The Walgreens-controlled U.S. retailer seeks to "consolidate several stores near each other."

Retailer Boots has announced plans to close 300 stores in the UK within a year. The Walgreens-controlled U.S. retailer seeks to "consolidate several stores near each other."

After the consolidation, the total number of Boots stores in the UK will shrink fr om 2,200 to 1,900. The company plans to avoid layoffs of employees by transferring sellers to neighboring locations. It is not known at this time which stores will be closed. 

"Evolving the store estate in this way allows Boots to concentrate its team members wh ere they are needed and focus investment more acutely in individual stores with the ambition of consistently delivering an excellent and reliable service in a fresh and up to date environment," the company said. 

The sweeping closures are part of a strategy to transform the retailer, which has posted nine consecutive quarters of market share gains. Last quarter, Boots saw a 13.4 percent increase in sales of its own brands. 

Walgreens had planned to sell the Boots chain but abandoned those plans in 2022 after failing to find a buyer for the roughly £7 billion asset. Nevertheless, plans to sell or float the retailer's shares remain in place. 

Boots is a well-known British retailer that specializes in health and beauty products. The company was founded in 1849 by John Boot and has since grown into a prominent brand in the United Kingdom and internationally. Boots operates a chain of stores that offer a wide range of products, including pharmaceuticals, cosmetics, skincare items, toiletries, and personal care products.

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