Read up... More slashing with the focus on slashing bonuses, laying off IT employees and any overhead. The spiral of destruction is accelerating. Things are not getting beter indeed.
Last year, the Deerfield-based pharmacy chain had already cut bonuses for store managers and others — in many cases by thousands of dollars each — outraging managers who said they relied on those annual payments. Walgreens also recently made changes to other benefits.
With the revised earnings outlook, “the estimated bonus payout for the year has been substantially reduced,” said James Kehoe, global chief financial officer and executive vice president.
The $500 million in new cost-cutting announced Tuesday comes on top of December’s announcement of $1 billion in annual costs Walgreens pledged to cut within three years.
Walgreens may reduce its information technology spending by $500 million to $600 million, Kehoe said.