Walgreens booked a better-than-expected fiscal first quarter, but the drugstore chain lost $265 million as it closed U.S. stores and continued work to revive its business.

Walgreens is planning to close around 1,200 locations, as the drugstore chain and its rivals struggle to define their role for U.S. shoppers who no longer look to them first for convenience.

Walgreens is finalizing a plan to fix its business that could result in the closure of hundreds of additional stores in the next three years.

Walgreens is chopping its dividend nearly in half as the drugstore chain looks to strengthen its balance sheet.

Walgreens has named a new CEO as pharmacy staff walked off the job this week over concerns that working conditions are putting employees and patients at risk.