Walgreens to lay off 4,000 workers after $ 1.7 billion quarterly loss

July 9 (UPI) – Walgreen said Thursday it had lost nearly $ 2 billion as a result of the COVID-19 pandemic and plans to lay off thousands of workers.

Walgreens Boots Alliance reported a net loss of $ 1.71 billion in the third quarter and said sales were below expectations, primarily in its international division.

Walgreens said the pandemic had negatively affected sales to the tune of $ 700 million, almost entirely in non-US companies like its Boots chain in Britain.

“While most Boots stores have remained open [Britain’s] lockdown … our biggest beauty and premium perfume counters have been closed, “Walgreens said in a report. “More than 100 stores, mainly in shopping streets, stations and airports, have been temporarily closed, as have almost all of the 600 Boots Opticians stores.”

Walgreens responded to losses by announcing plans to fire about 4,000 workers.

Walgreens announced last year that it would close 200 locations in the United States, but said most workers would move to other stores.

“This unprecedented global crisis resulted in a loss during the quarter as home orders affected all of our markets,” said Stephano Pessina, executive vice president and chief executive officer of Walgreens.

Source: UPI

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