Boots could close shops and axe some of its 60,000 UK workforce after US parent company’s shock profit warning

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Boots could close shops and axe some of its 60,000 UK workforce after US parent company's shock profit warning



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.
TOUGH COMPETITION
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.
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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.
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