Walgreens Planning To Close Many Stores

As brick-and-mortar retailers continue to drop like flies, Walgreens officials have announced plans to do the same.

Walgreens plans to close approximately 200 U.S. stores, the company announced Tuesday in an SEC filing.

"We are undertaking a transformational cost management program to accelerate the ongoing transformation of our business, enable investments in key areas and to become a more efficient enterprise," the statement reads.

Walgreens previously announced plans to shut down 200 stores in the U.K. as well.

In June, Walgreens -- which operates more than 18,000 stores worldwide -- revealed its quarterly net income had dropped by 24 percent.