What's Happening?
Walgreens has changed its holiday pay policy for hourly employees, who will now only be paid if they work on six major holidays, including Thanksgiving and Christmas. This change follows the acquisition of Walgreens by Sycamore Partners. The company has also
announced layoffs of 80 corporate workers and plans to close 1,200 stores nationwide. Walgreens has not provided comments on these developments.
Why It's Important?
The change in holiday pay policy at Walgreens is significant as it affects the financial well-being of hourly employees, particularly during the holiday season. This decision is part of a broader strategy to reduce costs following the acquisition by Sycamore Partners. The layoffs and store closures indicate a restructuring effort aimed at improving efficiency and profitability. These changes could impact Walgreens' reputation as an employer and its ability to attract and retain talent in a competitive labor market.
