Walgreens is closing 1,200 stores

Walgreens is closing approximately 1,200 locations, including 500 over the next year, the drug store chain announced Tuesday.

Those closures represent a significant escalation from a few months ago, when the financially struggling company in June announced it was shutting 300 underperforming locations as part of a multiyear optimization program under CEO Tim Wentworth.

The 1,200 closures announced Tuesday includes those 300 previously announced a few months ago.

This is a developing story. It will be updated.