WAG Sheds 9% of its Workforce – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/16704/WAG+Sheds+9%25+of+its+Workforce+-+Zacks+Tale+of+the+TapePosted on Thursday, January 8th, 2009 | In Stocks to Watch
Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -
Walgreen Co. (WAG) declared that it will shed nearly 9% of its workforce during fiscal 2009 in an effort to curb costs.
These job cuts will come from corporate and field management. The drugstore chain also said that it is offering early retirement as well as severance incentives to the targeted employees.
As part of its “Rewiring for Growth” initiative, the company plans save about $1 billion per year by fiscal 2011. Walgreen Co has also cut back on its store openings.
Walgreen is a Zacks #4 Rank (”Sell”) company.
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