Summary
Walgreens has removed six paid holidays for its hourly store workers to reduce costs after being acquired by Sycamore Partners. Employees affected are particularly those working in pharmacies, where the change could mean a significant reduction in their annual income. These changes came shortly after the $10 billion deal to purchase Walgreens was completed.
Key Facts
- Walgreens cut six paid holidays for its hourly store workers.
- The changes follow the acquisition of Walgreens by Sycamore Partners in August 2023.
- The removed holidays include major ones like Thanksgiving and Christmas.
- Pharmacy technicians affected by this change earned an average of $20.83 per hour as of May 2023.
- The deal to purchase Walgreens was valued at $10 billion.
- Full-time hourly employees must work on holidays to receive pay, but additional holiday pay is still offered.
- Shane Jerominski, a union leader, expressed concerns about workers' financial struggles due to the pay cuts.
- Walgreens plans to close 1,200 stores over the next three years, with 500 closures expected in 2025.
