Walgreens lays off employees at US headquarters

In an effort to cut costs, an undisclosed number of employees were laid off from Walgreens' corporate headquarters in Deerfield, Ill., according to CNBC

Walgreens spokesperson Jim Cohn told CNBC that the company notified employees late last week but declined to say how many people were affected. The layoffs won't affect store positions or locations, he added. 

The layoffs come as Walgreens plans to cut more than $1.8 billion in expenses by fiscal year 2022. 

Walgreens CFO James Kehoe told analysts on an Oct. 28 earnings call that Walgreens is shrinking and reorganizing its global digital and IT teams under a new CIO, according to CNBC

Executives on the conference call also said the layoffs and other cost-cutting measures are necessary to modernize the drugstore chain. 

The company has rebranded the cost-cutting program internally to "Save to Invest to Grow." 

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