BOOTS has warned it could axe jobs and close shops after its US parent company issued a shock profit warning yesterday.
The pharmacy chain’s owner Walgreens Boots Alliance revealed it suffered its “most difficult” financial quarter since its foundation five years ago.
Reuters A profit warning from Boots owner Walgreens Boots Alliance has increased fears that UK jobs will be cut
And in a chilling warning, it added that bosses need to take “decisive steps to reduce costs in the UK.”
A Boots spokesman later confirmed that the future of some shops is being reviewed, according to the Daily Mail.
The company previously said that up to 350 jobs were at risk at its Nottingham HQ.
Sals at Boots, which employs 60,000 staff across 2,500 shops in the UK, fell 1.3 per cent in the three months to February.
Meanwhile Walgreens, itself a huge US pharmacy brand, said it is struggling to compete against tough competition and falling drug prices.
It needs to save £1.1billion by 2022 – up from a previous target of £750million.
WINNER DINNER Toby Carvery slashes price of roast dinner in half – but only for two days ExclusiveCUSTOMS & EXTORT Taxman ‘bullying’ in-debt callers into paying more than they need BUMP-ER PAY New mums get up to £145 a week in maternity pay – even without a job or boss HOME TIME The £120,000 homes first-time buyers can afford WITHOUT putting down a deposit MONEY TROUBLES ‘Worrying’ rise in number of people with payday and high-cost credit debts DOUGH BRAINER Aldi is selling a bargain £39 outdoor pizza oven so bring on summer
Stefano Pessina, the company’s chief executive, said: “While we are not the only company that has been impacted by the marked change in the environment, that’s not an excuse.”
Walgreens Boots Alliance was formed in 2014 through the merger between Walgreens and Boots Alliance.
Boots was founded in 1849.
Boots 70% sale chaos with shoppers ‘shoved out of the way’ while hunting for bargains
We pay for your stories! Do you have a story for The Sun Online news team? Email us at email@example.com or call 0207 782 4368. You can WhatsApp us on 07810 791 502. We pay for videos too. Click here to upload yours.