logo-loader
viewWalgreens Boots Alliance Inc

Walgreens Boots plans 4,000 jobs cuts among Boots UK staff

Sales tumbled 48% in the three months to May 31 despite the stores were deemed essential businesses

Walgreens Boots Alliance Inc - Walgreens Boots plans 4,000 jobs cuts among Boots UK staff

Walgreens Boots Alliance Inc (NASDAQ:WBA) announced plans to cut 4,000 staff at pharmacy chain Boots UK.

The restructuring would involve the closure of 48 Boots Opticians stores and 20% cut of staff in the support office.

Sales tumbled 48% in the three months to May 31, despite stores stayed open as essential businesses throughout the lockdown.

Revenues for the wider company were flat at US$34.6bn, while it slumped to an operating loss of US$1.6bn from last year’s profit of US$1.2bn mainly due to the non-cash impairment charges of US$2bn in Boots UK.

The group is targeting US$2bn savings by the year to September 2022.

Shares dropped 3% to US$40.98 in premarket trading.

Quick facts: Walgreens Boots Alliance Inc

Price: 40.81 USD

NASDAQ:WBA
Market: NASDAQ
Market Cap: $35.36 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Amryt Pharma releases Q-2 financials that show strong revenue growth as...

Amryt Pharma (Nasdaq: AMYT) CEO Dr Joe Wiley joined Steve Darling from Proactive with news the company saw a nice increase in revenue as they released their Q-2 numbers. Dr Wiley talked about some of the numbers and what was driving that revenue. Wiley also told Proactive the company has, for...

23 minutes ago

2 min read