Read previewWalgreens-backed primary care company VillageMD is closing all its medical clinics in Florida, one of its largest markets.
VillageMD confirmed the closures in an email to Business Insider on Wednesday.
The closures are part of Walgreens' strategy to slash spending by $1 billion or more as the pharmacy giant's healthcare business struggles with losses.
All of the VillageMD clinics in Florida are attached to Walgreens stores, according to Jefferies' January report.
At the time of the acquisition, Walgreens had planned to open 1,000 VillageMD clinics located adjacent to its pharmacies by 2027.
Persons:
—, VillageMD, Jefferies, Tim Wentworth, Brian Tanquilut, Jack Slevin, Tanquilut, Wentworth, Roz Brewer, John Driscoll, Mary Langowski, Driscoll
Organizations:
Service, Business, Walgreens, Jefferies, CVS Health, Summit, Solera, Shields Health Solutions, Pearl Health
Locations:
Florida, Texas, Arizona, VillageMD, Houston, Atlanta, Phoenix, Shields