DEERFIELD, Ill. – Walgreens announced yesterday that it is planning to close about 200 U.S. stores, part of the drugstore chain’s $1 billion cost-reduction plan announced last fall.

The nation’s largest drugstore chain made the announcement as part of a larger corporate reorganization plan, including streamlining its information technology and other in-house functions. The company expects that the changes will result in a cost-savings of about $500 million over three years.

The approximately 200 stores represent about 2% of the chain’s 8,200-plus stores in the U.S., Puerto Rico and the U.S. Virgin Islands. Despite the announced closures, Walgreens also said it opened 71 new U.S. drugstores in the first half of fiscal 2015, including 25 relocations. The company said it has not yet decided which stores it will close, or when it will happen. A spokesperson did clarify that the company is not focusing on any particular region for the closures.

According to the company, the closures and restructuring will lead to a "faster and more agile company," and they seem to have the track record to make that promise, as shares this week jumped 3% to $90.37 a share.