US drugstore chain Walgreens to cut 1,000 management jobs
US drugstore chain Walgreens said Thursday it would eliminate 1,000 management jobs in fiscal 2009 as it restructures to improve profitability.
By Agencies |
WASHINGTON: US drugstore chain Walgreens said Thursday it would eliminate 1,000 management jobs in fiscal 2009 as it restructures to improve profitability.
The voluntary and involuntary job cuts will affect about nine percent of its corporate and field management workforce and be completed by the end of its business year on August 31, it said.
The move is part of a restructuring plan aimed at saving a billion dollars annually by 2011.
Store employees would not be affected, the company said.
Walgreens, which operates some 6,600 drugstores, reported 59 billion dollars in sales for fiscal 2008.
It said the restructuring was expected to cost 300-400 million dollars over fiscal years 2009 and 2010.
The voluntary and involuntary job cuts will affect about nine percent of its corporate and field management workforce and be completed by the end of its business year on August 31, it said.
The move is part of a restructuring plan aimed at saving a billion dollars annually by 2011.
Store employees would not be affected, the company said.
Walgreens, which operates some 6,600 drugstores, reported 59 billion dollars in sales for fiscal 2008.
It said the restructuring was expected to cost 300-400 million dollars over fiscal years 2009 and 2010.
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