WFCN —
According to an official, a major store is currently terminating 145 workers, the bulk of them are from its corporate workforce.
A year that had seen hundreds of stores declared to be closing, a prior round of layoffs, and changes in the C-suite culminated in November when Walgreens let go of 5% of its corporate staff.
Among them were the CEO, CFO, CIO, chief marketing officer, chief medical officer, and chief financial officer, according to RetailDive.
With a goal of saving at least $800 million by 2024—or a total of $4.1 billion in savings—the retailer said in June that it will eliminate 150 of its locations in the United States and 300 in the United Kingdom.
In that regard, the business still has a ways to go.
“Walgreens has substantial cost savings and growth goals to deliver, even as we continue to make progress toward cutting costs and fulfilling our promises to be the independent healthcare provider of choice,” the spokesman stated.
The tough but essential choice to fire 145 team members—mostly from our corporate workforce—was made in order to assist us reach these objectives.
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Due to a 6.1% decline in sales at its U.S. locations and a 5% decline in comparable retail sales, the company cut its dividend last month when it published its fiscal Q1.
Contrarily, at the company’s Boots sites in the United Kingdom, retail comps increased by 9.8% year over year, store foot traffic increased by 7%, and its retail market share grew for the eleventh consecutive quarter, driven by the beauty category.
The Midtown Manhattan, New York, Duane Reade store will close in a few weeks, according to a Walgreens announcement.
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