A top executive now leaves an essential retailer in a round of unexpected layoffs, according to a spokesperson for the company.
Walgreens marketing chief Linh Peters has now been confirmed to have been let go amid last month’s unprecedented layoffs.
Peters arrived last year from Calvin Klein, where she also took on the role of Market Chief.
At the time, Walgreens eliminated 267 roles, or 5% of its corporate staff, including Chief Medical Officer Kevin Ban.
The move came after the company cut 10% of its workforce in May, reports RetailDive.
In June, the retailer said it would close 150 stores in the U.S. and 300 in the U.K., part of a cost-cutting effort that targets at least $800 million in savings in 2024, for an accumulation of $4.1 billion by then.
In July, Chief Financial Officer James Kehoe resigned.
In September Rosalind Brewer stepped down as chief executive officer after two years in the role, a sign that some analysts saw as a further step away from a focus on retail.
Brewer had arrived from Starbucks, and was also previously chief executive of Walmart’s Sam’s Club business.
Last year Walgreens had explored a sale of its Boots business.
The company and major rivals like CVS have neglected their front-of-store operations in favor of expanding medical services.
Walgreens has invested in its U.S. healthcare division, including value-based medical chain VillageMD, at-home care provider CareCentrix and specialty pharmacy Shields Health Solutions, while CVS Health also acquired a value-based medical group this year.
In its last fiscal year, which ended Aug. 31, sales at Walgreens rose 4.8% year over year to $139.1 billion, “reflecting sales growth in the U.S. Retail Pharmacy and International segments, and sales contribution from the U.S. Healthcare segment.”
The company swung to a $3.1 billion net loss from net earnings of $4.3 billion last year, in part due to opioid-related claims and litigation in the period, according to a company press release.
Also Read: A US Company Now Declares An Unexpected Bankruptcy
Other Economy News Today
A massive online retailer is now at high risk of closing as the company’s struggles deepen with their website currently being down.
Visitors to Zulily are automatically redirected to a blank webpage with only the message, “We are down for maintenance.”
The message follows a period of time where “final sale” and “all items must go” language appeared on Zulily’s homepage, making it unclear if the company intends to go out of business or has already done so, reports RetailDive.
It’s also unclear if or when the website will come back online, which has been down at least since Monday.
RetailDive reports that Zulily and Regent, the private equity firm that bought the retailer in May, did not immediately respond to emails seeking comment about the website or the company’s operational status.
Zulily’s customer service phone line is also no longer being monitored.
“When the number was dialed on Tuesday morning, an automated message said: “Thank you for calling Zulily customer service. We are unable to service your call. Please email us using service@zulily.com for assistance,” reports RetailDive.
“The call then cut off, with no option to leave a message. A message sent to the customer service email received an automated reply indicating the company would respond “within 24 to 72 hours.””
Zulily’s Facebook page was still live on Tuesday morning.
However, the last post was from three days earlier – a promotion to shop for Sorel boots, sneakers and slippers. It includes a link to the now-dead website and mentions that “all sales are final.”
Customer orders appear to be in limbo, as one person asked under the most recent social media post “So are we still getting our orders?”
Another said, “Items not delivered, tracking numbers don’t work and all of their help and support options are closed for maintenance. Will be reporting this page to Facebook as a scam site.”
This is a developing story.
Also Read: Unexpected Shoe Retailer Now Permanently Closes Popular Store
Market News Published Daily 📰
Don’t forget to opt-in for push notifications so you don’t miss a single article!
Also, thank you to all of our blog sponsors.
This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.
Scroll below to view my stock purchases this month!
You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.
Frank Nez’s Stock Portfolio
Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?
Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.
11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.
Recommended For You ✨
About The Author
Leave your thoughts below.
For more news and updates like this, opt-in for push notifications.