Walgreens Boots Alliance is planning to close 150 Walgreens stores in the US and 300 Boots stores in the UK as part of an expanded cost-cutting effort expected to yield $800M in savings in 2024.
In a call with investors on June 27, James Kehoe, CFO of the Deerfield, IL-based multinational—parent of Walgreens and its UK twin, Boots—said the company also had eliminated 500 positions, about 10% of its corporate and US support office workforce.
In the third quarter of its fiscal year, Walgreens reported year-over-year net earnings have declined nearly 60%, due primarily to lower operating income, which the retailer attributed to uncertainty in consumer spending and lower demand for COVID-19 related services like vaccines and tests.
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