The US owner of UK health and beauty retailer Boots the Chemist, Walgreens Boots Alliance Inc could close over 200 stores in the next two years, according to Sky News.
The report noted that last month Walgreens Boots Alliance had said it was undertaking a review of the Boots 2,500-site estate 'focusing on low-performing stores and opportunities for consolidation'.
The US parent company is attempting to cut £790bn in costs worldwide, partly to offer customers lower prices and better services.
Although a decision on the store closures has yet to be made, Sky News quoted sources as saying a 'significant number were likely to be shut'.
If 200 Boots stores were closed, this would represent around 10% of Boots' UK portfolio, with the affected members of staff to be redeployed to other areas of the company where possible, the report added.
Boots is one of Britain’s largest retailer by store numbers employing around 56,000 people. Up to 350 jobs are already on the line at Boots’ Nottingham head office as part of cost-cutting plans at the chain, where pre-tax profits dived by £100m and sales fell by more than 2% to £6.8bn in the year to last August.