Walgreens Puts Stock Buybacks On HoldWochit Postables
Business Insider reports that Walgreens has halted its share buyback program. The pharmacy chain revealed it plans to cut 4,000 jobs after reporting worse-than-expected third-quarter figures. The drugstore giant lost $1.95 per share over the period. Thats $1.71 billion overall. The company's Boots UK division saw same-store sales nosedive 48% over the period. The reason? Walgreens says quarantine orders "compelled consumers to consolidate shopping into grocers." The pharmacy chain's shares traded as much as 5.1% lower early Thursday on the news.