Walgreens will close a significant portion of its approximately 8,600 stores nationwide. The announcement was made by the chain's chief executive, Tim Wentworth. The move is part of a strategy by Wentworth to address the underperformance of these outlets.

Although Wentworth explained that they have not decided on the exact number, but they are reviewing a quarter of the total number of stores, which represents more than 2,100 stores.

"We recognize where we are is a turnaround. We recognize that we need to be focused on what are the parts of the business that we believe are contributing and have a future, and some of those need to change," Wentworth said in an interview with The Wall Street Journal.

It's not the first move the company has made to address its financial situation. Last month it announced price cuts on more than 1,300 products from national and store brands in the health and wellness, personal care and seasonal categories.

"Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials. We continue to be committed to our customers by lowering prices on over a thousand additional items," Tracey D. Brown, the company's executive vice president, said in a communique.