Pharmacy chain London Drugs is gradually reopening its stores after a cybersecurity incident that shut down its more than 80 locations across Alberta, Saskatchewan, Manitoba, and B.C. The incident was detected last weekend, and the stores have been closed since then. London Drugs is working with third-party cybersecurity experts to bring its systems back online in a safe and secure manner. Pharmacists are on-site at all store locations to assist with emergency prescriptions and other urgent care. The investigation has shown no evidence of customer databases being compromised [5a0ad667].
In addition to London Drugs, other major pharmacy chains like Walgreens and Rite Aid have also faced significant challenges recently. Walgreens plans to close a "significant" number of its roughly 8,600 stores in the United States due to profitability issues and competition. CVS, the largest US chain, closed 244 stores between 2018 and 2020 and announced plans to close 900 stores in 2021. Rite Aid filed for bankruptcy last year and will close up to 500 stores [1d91d523]. Falling reimbursement rates for prescription drugs and lower profits from filling prescriptions are major challenges for drug store chains. The front end of drug stores, where they sell snacks and household staples, has become less profitable due to online shopping and competition from big-box chains. Walgreens and other drug stores have tried to offset these challenges by moving into primary care, but these efforts have not been profitable. The closures of drug stores can lead to health risks and limited access to healthcare, particularly for lower-income households [1d91d523].
Both Walgreens and Rite Aid are also dealing with staffing shortages, heavy workloads, and lack of support for their employees. These issues can lead to mistakes and impact patient care. The pharmacy chains are also facing increased demand for vaccines, including the COVID-19 vaccine, and the approval of new shots for viruses like RSV [747421bd] [41d1e981]. Despite the challenges, both companies remain committed to providing quality care and addressing the concerns of their pharmacists and employees [3866a35e] [f5b1f99d].
Walgreens, in particular, has faced financial losses due to a drop in the value of its VillageMD clinic business. The company recorded a $5.8 billion, after-tax impairment charge for VillageMD as it adjusted the asset's value. VillageMD is closing around 160 clinics, which is 100 more than previously announced. The drop in value and the closure of clinics have contributed to Walgreens' nearly $6 billion loss in the second quarter. Despite the financial challenges, Walgreens reported adjusted earnings of $1.20 per share in its fiscal second quarter as sales grew 6% to $37.1 billion. The company remains committed to providing quality care and addressing the concerns of its pharmacists and employees [2603e87e].
The closure of thousands of chain drug stores in the US is causing difficulties for working people in accessing prescriptions and medical supplies. Over the past two years, Rite Aid, CVS, and Walgreens have closed over 1,500 stores, with more closures projected in the coming years. The closures have led to the emergence of 'pharmacy deserts' in over 40% of US counties, particularly impacting small towns and rural areas. The closures are also a result of lawsuits against the chains for their role in over-dispensing opioids. In response to poor working conditions, pharmacists and technicians at Walgreens and CVS stores have gone on strike, protesting understaffing, speedup, and low pay. The closures have exacerbated the economic crisis faced by working people, with increasing hunger and housing insecurity. The ruling class, however, continues to spend lavishly. These conditions have fueled strikes and discussions among workers about breaking away from the two main political parties. The article also briefly mentions an increase in legal abortions following the Supreme Court's ruling on Roe v. Wade [e8b00a31].
In 2023, 2,847 stores in Lake Charles, Louisiana have closed permanently, including major brands like Rite Aid, Best Buy, Amazon, and some Walmart chains. Many of these closures are due to bankruptcy filings, cost-cutting measures, or adapting to changing shopping trends. The region has also been affected by the destruction caused by hurricanes and the COVID-19 pandemic, leading to the closure of landmark stores, mom-and-pop businesses, and shops. While some local businesses have plans to reopen, others were not as fortunate.