Boots to cut 700 jobs

Boots is set to be axing around 700 jobs in the UK as the store merges with US pharmaceutical giant Walgreens.

Boots has confirmed that the roles are not “store based” but rather the majority of cuts will affect support offices in the country, with the Nottingham branch expected to lose 400 jobs. The £1billion cost cutting plan, laid down by Walgreens in April of this year, is expected to make many current employees redundant. However, Boots has stated that some positions will be shed by simply not rehiring after a retirement or resignation.

A spokesperson for Boots has clarified the reasoning behind the dramatic reductions, claiming that these job cuts are integral to “simplifying the structure of support functions in order to provide a better level of service and allow for a more focused investment in key areas to drive future growth.”

But it seems that America has taken the brunt of the company’s new economic frugality, with Walgreens having frozen executive salaries and closed down over 200 of its stores. During the midst of the £9billion takeover, Stefano Pessina, acting Chief Executive for Walgreens, had hoped to save even more money by retrenching the health store’s headquarters to Europe, but was forced to rethink after President Obama rebuked “corporate deserters”.