Walgreens is closing approximately 1,200 locations as the drug store chain struggles to contend with online competitors and declining prescription drug payments.

Walgreens started course correcting in May by cutting prices on 1,300 products sold in its stores nationwide to attract frugal shoppers. In June, the company announced plans to close hundreds of its stores, and then, it followed up in July with an announcement that it would close about 2,150 “underperforming” locations by 2027.

The closures will be “immediately accretive” to the company’s adjusted earnings and free cash flow, Walgreens said.

The pharmacy chain said Tuesday the closures will occur within the next three years, starting with 500 stores being shuttered in fiscal year 2025.

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Illinois-based Walgreens announced during an earnings call Tuesday morning that the company will close 1,200 stores across the country.

A staple pharmacy on the Upper East Side has already posted a sign that it will close in a few weeks. Residents say The Duane Reade, owned by Walgreens, competes with other retail pharmacies and shoplifters.

"I had previously been informed that this location was to be closed in mid-November, but that after several thefts in recent weeks the decision was made to close early," she said. The Walgreens website and voicemail messaging system says the store is "temporarily" closed but the pharmacy drive-thru is still open.