Walgreens closing 150 locations nation-wide

COLUMBIA, S.C. (CNN)— Walgreens is closing hundreds of locations.

The pharmacy chain is expected to shut-down 150 locations in the U.S. and 300 locations in the United Kingdom.

However, Walgreens did not specify which locations are closing.

This week, the company reported lower earnings compared to the same quarter last year.

The news comes as Walgreens faces a decrease in consumer spending and a pullback in demand for Covid vaccines.

CEO Rosalind Brewer said the company was increasing its cost-savings efforts and “taking immediate actions to optimize profitability.”

The store closures are part of its cost-cutting effort.