Walgreens (NASDAQ:WBA) layoffs are coming to the pharmacy company’s corporate employees at its headquarters in Deerfield, Illinois.
Walgreens is going to reduce its corporate headcount by 5% at its headquarters. That means that 267 employees at that location are losing their jobs.
The layoffs are happening shortly after new CEO Tim Wentworth took the helm of the company in late October. The Walgreens layoffs are part of Wentworth’s plans to streamline the company’s operations and better focus on “critical priorities.”
Wentworth said the following about the Walgreens layoffs in a memo to employees obtained by Supermarket News:
“We’ve had to make some difficult decisions about budgets and investments, including stopping projects, dramatically reducing our spending, and going line by line in our budgets to unlock all potential savings. However, despite those efforts and many of yours, our costs are not aligned with the performance of the business.”
Walgreens Continues Layoffs
These aren’t the first layoffs announced by Walgreens in 2023. The company also cut 10% of its corporate workers back in May. Following that, it laid off 393 employees at its Edwardsville facility in August.
Layoffs have been increasing as more than just Walgreens is struggling to deal with the current economy. Headwinds, such as increased inflation and high interest rates, have weighed on businesses over the last year. While efforts have been made to curb these issues, it could be some time before companies fully adjust.
WBA stock is largely unmoved as of Friday morning.
There’s plenty more stock market news traders are going to want to know about below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.