HOMESTEAD, FL- FEBRUARY 17: A sign is seen at a Walgreens store on February 17, 2010 in Homestead, Florida. Today, Walgreen Co. announced plans to buy another drug store company, Duane Reade, for $618 million in cash. (Photo by Joe Raedle/Getty Images)

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DEERFIELD, Ill. – Walgreens will be closing 200 stores in the United States in an effort to reduce costs, the pharmacy’s parent company said in a regulatory filing Tuesday.

The company projects the move will save more than $1.5 billion by the fiscal year 2022.

In May, Walgreens Boots Alliance revealed that 200 stores in the United Kingdom were slated for closure, and said they would be reviewing the company’s “real estate footprint” in the United States.

The company has more than 18,500 stores in 11 countries, according to the Walgreens Boots Alliance website.

After June reports of a 24% decline in quarterly net income, the company’s stock has plunged almost 25% this year.