Walgreens cost-cutting plans include closing 60 VillageMD clinics.
Share on linkedin Walgreens saw its share price jump Thursday after laying out aggressive plans to cut $1 billion in costs over the next year and close 60 VillageMD clinics.The company has struggled to meet investor expectations and compete with CVS Health, Walmart and Amazon, placing much of its focus on the expansion of primary care.Walgreens lost $6.9 billion for the fiscal year that ended Aug. 31 — including a partially offset $6.8 billion charge for opioid-related claims and litigation.
They plan to reduce costs at headquarters and stop all nonessential projects. They are also requiring all remote workers to return to the office by the end of November. Walgreens also rolled out a "perpetual pharmacy inventory system" at all 9,000 of its stores to help reduce excess inventory and free up working capital, they said. They are cutting back on slow-moving product categories.
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