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Walgreens Boots plans 4,000 jobs cuts among Boots UK staff

Sales tumbled 48% in the three months to May 31 despite the stores were deemed essential businesses

Walgreens Boots Alliance Inc - Walgreens Boots plans 4,000 jobs cuts among Boots UK staff

Walgreens Boots Alliance Inc (NASDAQ:WBA) announced plans to cut 4,000 staff at pharmacy chain Boots UK.

The restructuring would involve the closure of 48 Boots Opticians stores and 20% cut of staff in the support office.

Sales tumbled 48% in the three months to May 31, despite stores stayed open as essential businesses throughout the lockdown.

Revenues for the wider company were flat at US$34.6bn, while it slumped to an operating loss of US$1.6bn from last year’s profit of US$1.2bn mainly due to the non-cash impairment charges of US$2bn in Boots UK.

The group is targeting US$2bn savings by the year to September 2022.

Shares dropped 3% to US$40.98 in premarket trading.

Quick facts: Walgreens Boots Alliance Inc

Price: 35.43 USD

NASDAQ:WBA
Market: NASDAQ
Market Cap: $30.7 billion
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