Walgreens near bankruptcy!

Walgreens near bankruptcy!

Posted in the Walgreens Forum

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“Tired of working for a living”

Since: Aug 07

chicago

#1 Aug 30, 2008
I received a phone call from my exa and was told that all walgreens managers had to have a meeting with their DM's and bring their 3 weeks worth of posted schedules because all hours had to be cut! I am currently on disability and was informed that walgreens wants to cut all 40 hr. employees to 32 hours (still full time) because the company is in bad a financial state!This takes effect immediately and Pharmacy hours will be cut in January. In all my 19 yrs at Walgreens did i ever think this would happen,we all knew something was coming because of all the "incentives their giving",$5.00 off a $20.00 purchase,$10.00 off a $40.00 purchase,free ink jet refills,giving employess 20% off any walgreens products. this is alarming because people need their jobs,we all have families,bills etc...I think it's time for all the VP's to take a pay cut. They want an ass't to work camera for 2 days to cut hours,now an ass't makes more than that worker so how are they saving? I think Rein needs to make a video or go to Walgreens websight and inform all employess of the bankruptcy,instead of keeping it secret.
MGT-Midwest

Saint Paul, MN

#2 Sep 3, 2008
I haven't heard a single thing about any of this. Walgreens is finally cutting payroll and focusing more on expenses than in the past. I haven't heard a single thing about any of this from my area of the company - maybe your area has decreased sales and they are trying to keep as many positions with the company as possible (until the economic recession is over...). It's a hard economy everywhere - all I keep hearing from people is to be happy if you have a job. Hang in there and in another year or two, things should be back to where they were before.
Russ

Cicero, IL

#3 Sep 4, 2008
Debb is right. My store mgt just informed me that he has to cut 100hrs for the week. He said that everyones hours will be cut. He also said that we would not go back to reg hrs. I am not happy about the situation because I know that not only will the workers suffer but the customers will as well. The mgnt will have to step it up in all areas. I am also worried now that this is really happening, if I will have my shot at becoming an assit mngt.
Kim

Hartford, KS

#4 Sep 11, 2008
Do you think all the money the company is losing in nonsense lawsuits has anything to do with all the budget cuts needing to be made?????
They have to recover some of that money somewhere...and well its hard working people that end up suffering.

I have never heard the rumor that the company is struggling towards bankruptcy. Everyone everywhere is being affected by the economy right now....
Brian

Church Point, LA

#5 Sep 11, 2008
I have never heard anything like this.
Bob

Lexington, SC

#6 Sep 13, 2008
How many people guess until the news actually comes out? We're in a competitive bid process to get Longs. Takes cash. Why is payroll being cut? Strong coincidence that payroll cut and Longs bid. Hmm? But it is just coincidence. The payroll cuts are because of the economy. We didn't finish the quarter well. Surveys show people are cutting back on rxs to the tune of 14% of nation filling less this year than last. That's a big chunck of money. All other competitors are feeling it a lot worse than we are. You notice a month or two ago, WAG took out its first and only long-term loan,$1.5 billion to be paid off in 5 years. That's to go toward the buyout. They're not cutting payroll to pay for the Longs offer. We have the cash for that. But we're not immune to the economy either. We'll get through this. Every business cycles - we've had some great years, this is a lean year. We'll bounce back.
Chris

Medford, NY

#7 Sep 18, 2008
My store also cut about 100 hours a week or so. The rumor i heard was that this is also partially due to the walgreens being built in times square and the billboard we're putting on the building. Expensive location and huge billboard
"17,000 feet of it is covered with 12 million LEDs capable of producing a trillion colors. But that's only part of the sign.

250,000 pounds in weight, the entire sign spans 43,720 square feet when including vinyl components. That easily trumps the old Times Square champion from NASDAQ, which covered a suddenly modest 11,000 square feet."
John

Stuttgart, AR

#8 Nov 14, 2008
The single greatest cost to any business is payroll. The quickest way to cut costs is to tighten payroll. This is done to apease the shareholders. Even with sales up 6.8% for Oct over last year, shareholders are still running scared. Walgreens is strong. NO Bankruptcy what so ever.
lynn

Candler, NC

#9 Jan 5, 2009
walgreens treats their employees like shit
MGR

Indianapolis, IN

#10 Jan 8, 2009
sh%$#! just hit the fan!!!!!!!!!!
Bohica1

AOL

#11 Jan 8, 2009
Screw Walgreens I hate they bought my company
Klimest

Crystal Springs, FL

#12 Jan 8, 2009
Walgreens is great!!! Im a manager and make great money. I am never worried about if i will recive a paycheck. Yes for service clerks the jobs sucks, hours get cut and you make like $7.50 an hour. But there are many people that are betting down the door for a job and would do it for $6.40 an hour. And then if there is know one to do the job, well i'll do it for the over time pay. Walgreens is here to stay. There just cutting the fat a little
MGT 54Nazi

Merced, CA

#13 Jan 11, 2009
Man, you must be a swell guy to work for.
Wasted Time

Coosada, AL

#14 Jan 22, 2009
LOL, anyone else notice why Klimest enjoys working for Walgreens? Congrats Klimest, you're a brown-noser. Know what that is? That's exactly what Walgreens is looking for, someone who will blindly give up his or her weekend to work for a horrible company with horrible pay. As someone with a 4 year degree and a 130 IQ, I pity you and anyone that works for you. You are exactly what makes your employees' lives so difficult. Do this at the next meeting you have. Ask your employees how many of them get physically sick to their stomach when they come in to work. If treating people in a way to induce that kind of response is legal, then we are living in Nazi Germany.
Wasted Time

Coosada, AL

#15 Jan 22, 2009
Oh, by the way, Walgreens wont be going bankrupt. They'll borrow money and ask for handouts until the rest of the country goes under first. The only thing we can do to ensure this happens to the least amount of people as possible, is to drain their pockets dry. Call a lawyer if you have something you need to say.
donna ronge chicago area

Elgin, IL

#16 Jan 25, 2009
walgreen health initiatives ( drug plan gate keepers) is now trying to cost me my life by not knowing my health issues just looking at their bottom black line - i hope that someday these same people will be on the otherside of this equation and see what it is like to have some one change your meds that impact you length of life!!!!
truth teller

Sterling Heights, MI

#17 Jan 27, 2009
Wow! Don't you feel silly now? You don't work for Circuit City. Walgreens is fine because it makes tough decisions, like cutting payroll, when things are tight. No reaction would be a bad decision. Start worrying about what you can do to help and stop being so self-centered. The economy is bad. There are lay offs every day. Everyone who has a job will need to do more if they want to keep their job. That's reality.
Debbie-W wrote:
I received a phone call from my exa and was told that all walgreens managers had to have a meeting with their DM's and bring their 3 weeks worth of posted schedules because all hours had to be cut! I am currently on disability and was informed that walgreens wants to cut all 40 hr. employees to 32 hours (still full time) because the company is in bad a financial state!This takes effect immediately and Pharmacy hours will be cut in January. In all my 19 yrs at Walgreens did i ever think this would happen,we all knew something was coming because of all the "incentives their giving",$5.00 off a $20.00 purchase,$10.00 off a $40.00 purchase,free ink jet refills,giving employess 20% off any walgreens products. this is alarming because people need their jobs,we all have families,bills etc...I think it's time for all the VP's to take a pay cut. They want an ass't to work camera for 2 days to cut hours,now an ass't makes more than that worker so how are they saving? I think Rein needs to make a video or go to Walgreens websight and inform all employess of the bankruptcy,instead of keeping it secret.
crwemp

AOL

#18 Jan 28, 2009
Boy!! some of you people really have some issues to deal with! I have worked for Walgreens for 24 years and although it hasn't always been the perfect job, I haven't gotten 'sick to my stomach' when I get there. I go to work, do my job, get may paycheck and thank God I have a job and a paycheck. Stop being a bunch of cry babies and be thankful for what you have!!!
JEFF EXA

Greenville, NC

#19 Jan 29, 2009
Although having to work a lot of weekends isn't the best thing in the world, I am thankful that I have a good job with good pay in this rough economy. I think Walgreens is a great company, and with these changes, will remain strong for years to come.
Bill in Nashville

Nashville, TN

#20 Jan 29, 2009
Debbie-
None of your story indicates Walgreens is declaring bankruptcy. Nor does any of your story indicate a need to file bankruptcy. Companies cut back on expenses when those expenses cease to produce a desired return on investment. Walgreens is merely being a responsible company by choosing to remain profitable or, choosing to avoid the extra losses that would inevitably mount up should they fail to make the prudent changes you have described. We are all in the midst of in a terrible economic
Best wishes.

Debbie-W wrote:
I received a phone call from my exa and was told that all walgreens managers had to have a meeting with their DM's and bring their 3 weeks worth of posted schedules because all hours had to be cut! I am currently on disability and was informed that walgreens wants to cut all 40 hr. employees to 32 hours (still full time) because the company is in bad a financial state!This takes effect immediately and Pharmacy hours will be cut in January. In all my 19 yrs at Walgreens did i ever think this would happen,we all knew something was coming because of all the "incentives their giving",$5.00 off a $20.00 purchase,$10.00 off a $40.00 purchase,free ink jet refills,giving employess 20% off any walgreens products. this is alarming because people need their jobs,we all have families,bills etc...I think it's time for all the VP's to take a pay cut. They want an ass't to work camera for 2 days to cut hours,now an ass't makes more than that worker so how are they saving? I think Rein needs to make a video or go to Walgreens websight and inform all employess of the bankruptcy,instead of keeping it secret.

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