With Brad leaving, it’s official this company is the next sears. Once a strong brand but nothing now. Brad did what he could for the stores and pharmacies but was handcuffed all the way through. Tracy ruined him. Now she comes out with some new organizational structure. Tracy needs to go now! Horrible
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Now more good people are gone. SMH.
Ah! Thank you for letting me know about the real estate.
So, what does a controlled demolition look like for Walgreens?
The people that all of you want to leave so badly are going nowhere unless they stop following the direction told to them by Pessina. They are nothing but his minions and frankly he wants some people to leave. When he first came on board there was a store manager who had came over from Kroger who kept telling anyone that would listen that Pessina was going to push out all of the managers that had been there for a long time because he wanted less tenured and lower paid managers because that was what he wanted to affect the bottom line. All these years later that is essentially what has happened and the DM that kept saying no that was not going to happen got let go in the restructure. Anyone who has been with Walgreens for a long time is going to eventually get forced out if they don’t tow the line with Pessina. I hope at some point I can find somewhere better but at this point anywhere is better than here with this company.
Walgreens owns a very small portion of their real estate. They actually spoke about it during the last earnings call. Most of the prime assets were sold off in the last few years to artificially inflate the balance sheet.
Eddie Lampert set up a private company called Transformco, which would buy the land out from under Sears. He was basically siphoning off the assets.
Once the land was in a new company's name, then Sears declared bankruptcy.
I am assuming Walgreens has a lot of prime real estate so it will be interesting how the controlled demolition plays out. I know Pessina has tried to take Walgreens private and has recently tried to sell Boots.