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Walgreens announced plans to shutter 1,200 stores over the next three years Tuesday as it looks to right the ship amid new competition and declining prescription reimbursement rates.

The closures represent a fourfold increase from the 300 stores the company announced would close as part of a multiyear optimization program in June, CNN reported. The drugstore giant will close its first 500 stores during the company’s next fiscal year.  

Walgreens' decision came as it released fourth-quarter earnings showing revenue rose more than 6% compared to the same quarter last year following sales growth from all segments.