Walgreens to lay off hundreds of employees
- Health
ThePostMaster- 0
- 3 minutes read
About five months after formally being acquired by Sycamore Partners, Walgreens is laying off hundreds of employees.
In Texas, 159 employees are impacted, according to a notice the company filed with the state dated Feb. 12. The effective layoff date is June 1 and marks the closure of the company’s distribution center in Houston.
Additionally, 469 employees are impacted in Illinois at the company’s headquarters, according to another notice Walgreens filed with the state dated Feb. 10.
“We’re focused on becoming America’s best retail pharmacy, beginning with improving the in‑store experience for our customers and patients,” a Walgreens spokesperson said in a statement shared with Retail Dive. “To do this, we’ve made the difficult decision to simplify our organization in both the support center and with our field leadership to speed decision making and improve the service that millions of customers rely on every day. We have deep respect for our colleagues and greatly appreciate their contributions and are committed to supporting them throughout this transition.”
The company did not comment on the total number of employees impacted.
Walgreens became a private company in September after it was sold to private equity firm Sycamore Partners for about $10 billion. The company then split its business into five stand-alone entities, including spinning out The Boots Group, Walgreens’ international retail pharmacy chain.
The acquisition followed a period of turmoil for the retail business. While it was still a publicly traded company, Walgreens’ third quarter earnings released in June showed front-of-store retail sales dropped 5.3% year over year, mostly due to store closures and lower comps.
The drugstore retailer in 2024 announced it would close 1,200 U.S. stores over the course of three years.
