Walgreens Boots Alliance is raising its cost-savings goal by 17% to $4.1 billion after a disappointing quarter — a move that comes just weeks after it said it was eliminating 10% of its corporate workforce.
, said James Kehoe, executive vice president and global chief financial officer for Walgreens Boots Alliance. The plan is to close those U.S. stores by fall 2024. Details were not immediately available about the locations of those stores.
Walgreens had an operating loss during the first nine months of this fiscal year of $6.4 billion, compared with an operating income of $2.2 billion during the same period last year. That was due, in part, to $6.8 billion, pre-tax, for opioid-related settlements and litigation. Walgreens has agreed to pay billions of dollars in settlements in a number of lawsuits over its alleged role in the opioid epidemic., with most of the cuts coming from Walgreens’ Deerfield and Chicago offices.
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