Walgreen Co. has announced that it plans to eliminate 1,000 positions in corporate and field management, the largest reduction in this area in the company’s history.
The job cuts are part of the company’s plan to attain $1 billion in annual savings by fiscal 2011, the company said in a statement.
The Deerfield, Illinois-based drugstore chain said it will incur costs of $300 million to $400 million over fiscal 2009 and 2010.
“Our rewiring effort is finding ways for Walgreens to be more effective and efficient so that our growth strategy can move forward,” president Gregory D. Wasson said.
The cuts, which represent about 9 percent of the jobs in this area, will be achieved through a combination of early retirement and a severance program.
Filed by Monée Fields-White of Crain’s Chicago Business, a sister publication of Workforce Management. To comment, e-mail firstname.lastname@example.org.
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