Walgreens is planning to “close a substantial number of poorly performing stores,” reported The Wall Street Journal, citing the chain’s recent one-day 22.16% stock decline—its largest on record.

In an interview with the Journal, Chief Executive Tim Wentworth said they haven’t decided on a final number of store closures, but he is reviewing “about a quarter of its 8,600 stores that aren’t profitable and could shutter a ‘meaningful percent’ of those over the next few years.”

The New York Times reported that Walgreens has already closed 625 U.S. stores since February.

Wentworth also said Walgreens will reduce its stake in primary-care provider VillageMD, and will no longer be the company’s majority owner.

Wentworth also cited weak consumer spending as one of the reasons for the retailer’s poor performance. “Our customers have become increasingly selective and price-sensitive in their purchases,” he said on an earnings call Thursday.

“Walgreens said it was seeing signs of strain on lower-income consumers in particular, driven by high inflation and depleted savings. Last month, on the heels of a similar move by Target, Walgreens said it would cut prices on over 1,300 products in response to sluggish consumer spending,” wrote the Times.

But retail consultants argued that Walgreens could have made better strategic business decisions to keep it afloat, including focusing more on private-label products to drive sales.

Brittain Ladd, an independent strategy and business consultant, told the Times that Walgreens “should focus on improving the consumer experience at its stores and offer private-label products for groceries and other essential items, rather than shuttering retail locations in pursuit of profitability.”