https://pestakeholder.org/media_coverage/walgreens-layoffs-confirm-concerns-after-private-equity-buyout/
4 replies (most recent on top)
Company has made some bad decisions on cuts since going private. S'more is gutting this company inside out.
@b1 ignorant statement
@OP it’s all done, finished.
Private Equity Stakeholder Project was featured in multiple outlets after Walgreens announced layoffs affecting hundreds of workers just months after its acquisition by private equity firm Sycamore Partners.
According to reporting across several publications, Walgreens is eliminating 469 jobs in Illinois and 159 positions in Texas, including the closure of a Houston-area distribution center. The layoffs follow earlier cost-cutting measures under private equity ownership, including job reductions, store closures, and changes to worker benefits.
The cuts come nearly one year after Sycamore Partners first announced its plan to acquire Walgreens, a deal that raised concerns among advocates and industry observers about how private equity ownership could affect the company’s workforce, store footprint, and role as a healthcare provider in communities across the country.
In a statement responding to the layoffs, PESP Executive Director Jim Baker said the cuts confirm concerns raised after Sycamore’s acquisition of the pharmacy chain.
“When holiday pay cuts were announced, we said they could be a warning sign of things to come,” Baker said. “Now Walgreens is laying off hundreds more workers, confirming concerns that early cost-cutting measures could be followed by deeper reductions. This pattern is unfortunately familiar in private equity takeovers.”
The layoffs come months after Sycamore Partners took Walgreens private. Since the acquisition, Walgreens’ workforce and store footprint have already declined, raising concerns about the company’s trajectory under private equity ownership.