Boots, Britain’s largest chain of chemists, looks set to become the latest victim of high street turmoil as its US owner eyes several hundred store closures.

Walgreens Boots Alliance (WBA), the pharmacy retailer's US parent, is reportedly looking at bringing down the shutters on more than 200 Boots outlets across the UK over the next two years, according to Sky News.

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A significant number of stores at the retail group could be axed under the WBA's major restructuring plans, less than a month after the firm's latest accounts showed that profits at Boots UK stores had plunged by 18.3 per cent last year.

A spokesperson said: “We currently do not have a major programme envisaged, but as you'd expect we always review underperforming stores and seek out opportunities for consolidation.”

As part of its drive to save money, Boots told its employees in February that it had proposed plans to cut up to 350 jobs from the company's head office in Nottingham.

Last month the WBA announced it was undertaking a review of its Boots estate, with the business “focusing on low-performing stores and opportunities for consolidation”.

Increased competition from online rivals has hit sales at Boots, with revenues tumbling by 2.3 per cent to £6.8bn. WBA said it had suffered its “most difficult quarter” ever and said it would take “decisive steps to reduce costs in the UK”.

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Boots is struggling to avoid the same fate as other well-known retailers such as Poundworld, Toys R Us and Maplin, which have all disappeared from the high street after going bust last year. Meanwhile many more have been forced into painful restructuring deals that have cost thousands of jobs up and down the country.