Walgreens will close about 1,200 locations over the next three years as the drugstore chain seeks to turnaround a struggling U.S. business that contributed to a $3 billion quarterly loss. Company shares soared Tuesday after Walgreens detailed the plan and also reported better-than-expected quarterly results.

Walgreens said Tuesday that its net loss swelled to more than $3 billion in the final quarter of 2024. The company said a softer U.S. retail and pharmacy performance hurt. It also booked some hefty charges tied to opioid litigation settlements the company had recognized in previous quarters and an equity investment in China.

Once ubiquitous across the American landscape, the brand is sunsetting its physical presence at a time when more and more retail brands are feeling its pain. Attention, Kmart shoppers: This is your last call for blue light specials.

The blue lights have gone out for good at the last full-sized Kmart in the U.S. after the store in Bridgehampton, New York closed. CBS News New York's Shanelle Kaul reports.

Kmart, a retail giant that once had more than 2,000 stores across the U.S., said goodbye Sunday to its last full-size location. The store in Bridgehampton, New York, closed its doors for the final time Sunday night,

While thousands of Kmart stores have closed over the decades, the Bridgehampton store has managed to hang on. Shoppers say that's due to lack of competition in the area.

Kmart became known for its “blue light specials,” where flashing lights and announcements alerted customers to limited-time discounts.

After decades of decline, Kmart has closed its final full-scale U.S. store in Bridgehampton, NY, marking the end of a retail giant. Learn more about Kmart's legacy and its impact on American shopping culture.