Walgreens’ stock has been hammered this year as consumer shopping patterns have changed, but its CEO says store closures “will realign our footprint to a healthier store base.”

The pharmacy giant said it would close the stores over the next three years and plans to “redeploy” the majority of the workers at the closed stores.

Walgreens Boots Alliance stock was rising sharply after the retail pharmacy chain beat quarterly estimates and announced plans to close more than 1,000 stores. Walgreens stock gained 16% to $10.44 in trading Tuesday,