Walgreens books hefty charge as the drugstore chain adjusts the value of struggling clinics

Walgreens lost nearly $6 billion in its second quarter mainly due to a drop in value for the VillageMD clinic business it controls. Excluding that charge, the drugstore chain reported results Thursday that topped Wall Street expectations. Walgreens spent more than $5 billion a few years ago to acquire a majority stake in VillageMD and launch a plan to add hundreds of clinics to its stores and grow its ability to provide care. But the drugstore chain said Thursday that it recorded a $5.8 billion, after-tax impairment charge for VillageMD in its most recent quarter as it adjusted the asset’s value.