Walgreens Laying Off 10% of its Corporate Workforce
Walgreens Boots Alliance is set to lay off about 500 employees, or 10 percent of its corporate workforce, the Chicago Sun-Times reported last week. Spokesperson Marty Maloney confirmed the layoffs to the news outlet, saying most of the cuts will be at the company's Deerfield, Ill. headquarters or Chicago office.
In a letter obtained by the Sun-Times, Walgreens Boots Alliance CEO Rosalind Brewery said the layoffs are among a series of steps the company is taking “to drive sustainable cost savings to help fuel investments for future growth.”
Total Retail's Take: While Walgreens denied to the Sun-Times that the layoffs had anything to do with the company's financial liabilities, earlier this month it agreed on a $230 million settlement with the city of San Francisco over the company's role in the city's opioid epidemic, Reuters reported. Walgreens said in a statement it "disputes liability" and did not admit fault. Last year, the company settled for $683 million over a similar issue with Florida.
Walgreens reported a $3 billion net loss for the first six months of its 2023 fiscal year in March, saying the drop in earnings was largely driven by a $5.4 billion after-tax charge for opioid claims and litigation.
Marie Albiges is the managing editor for Women in Retail, Total Retail, and Women Leading Travel & Hospitality. She is responsible for content development, management and production for the group. Marie is a former journalist, a travel aficionado, a French native and fitness enthusiast who lives in Philadelphia with her partner, stepdaughter and dog.
