Walgreens (NASDAQ:WBA) layoffs are a hot topic on Thursday after the pharmacy company announced plans to cut jobs!
The latest statement notes that Walgreens isn’t revealing the number of employees being cut in these layoffs. However, it does note that the majority of the headcount reductions will take place at its facilities in Chicago.
To go along with this, the company is reducing workers’ hours as well. That will see its storefront employees deal with a 4% to 7% reduction in work hours. All of these are efforts on the company’s part to reduce operating costs.
Walgreens spokesman Fraser Engerman said the following about these changes:
“To ensure we are operating as efficiently as possible, and to deliver on our plan to reduce costs, we have identified areas in our Corporate Support Center where we can reduce complexity and consolidate work, resulting in the elimination of some positions […] We value the contributions of impacted team members and will fully support them through this difficult time.”
These Are Not the First Walgreens Layoffs
Walgreens has been steadily cutting jobs for months now as it deals with the ongoing pressure from the economy. That includes both increased inflation and high interest rates weighing on its business. These are dampening consumer spending.
WBA stock is largely unmoved as of Thursday morning.
There are more stock market stories available below!
We have all of the hottest market news worth reading about on Thursday! Among that is why shares of 23andMe (NASDAQ:ME), Bio-Path (NASDAQ:BPTH) and AGBA Group (NASDAQ:AGBA) stock are moving today. All of this info is available below!
More Thursday Stock Market News
- ME Stock Alert: CEO Anne Wojcicki Seeks to Save 23andMe in Take-Private Deal
- Why Is Bio-Path (BPTH) Stock Up 89% Today?
- Why Is AGBA Group (AGBA) Stock Up 149% Today?
On the date of publication, William White did not hold (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.
