Walgreens to Cut 1,000 Positions

Deerfield, Ill. Walgreens announced Thursday it will reduce its corporate staff and field management by approximately 9% by the end of this fiscal year in August. The work-reduction plan will eliminate some 1,000 management jobs through a combination of voluntary and involuntary layoffs in fiscal 2009.

The cuts will not reach into the ranks of hourly store-level employees, Walgreens said.

The job reductions are part of Walgreen's cost-cutting plan, which is intended to save the company $500 million in fiscal 2010, and $1 billion per year starting in fiscal 2011. The chain announced the "Rewiring for Growth" plan in October, and said it will cost $300 million to $400 million in fiscal 2009 and 2010.