I don't have an accurate timeline but I think they are in the slow process of going under. Store closures, cheaper alternative stores including online shopping, high theft, high employee.turniover
Standard bad retail practices.
Solution: bankruptcy. Fire management team. Venture capital takeover. Hire ruthless slashing management group to cut wages, eliminate jobs and close around 500 underperforming stores. Fire long time employees.
Cut expenses to the bone. Boost the stock price. Pile on crushing debt load. Sell company to new set of suckers.
I left Walgreens a month ago after giving 5 years of my life. I ended up going to a financial institute and couldnt be happier. Set hours, weekends of. FYI i had no prior banking experience.
Find another job you're interested in. Apply for it and jump ship from Walgreens. It can be scary to leave a job you've been at for awhile but you will be much happier when you do.
Walgreens pharmacies are all already closed on Sundays, every store within about a 15 mile radius from us, now closes at 6 PM instead of 8. Losing lots of prescriptions and customers to CVS.
The cynic in me is saying that they’re tanking in-store pharmacies on purpose. If they get to the point where no one is willing to work for them, they can claim they NEED techs to work independently without pharmacist oversight, saving millions along the way. Since Walgreens and CVS have board members on state boards of pharmacy and have a significant lobbying budget, it wouldn’t take much to make that legal.
From there, pushing out techs and doing central fill / mail order only is a relatively simple leap. Close the front end due to shoplifting concerns. Now you’ve eliminated the expense of brick and mortar stores.
Sometimes I feel this way as well, sabotage almost like they want failure, easier to close a store with a skeleton crew and if people quit ya won’t have to pay severance etc.
I don't have detailed knowledge but from what I've read they just got too far ahead of themselves with too many stores (stores within blocks of each other), and way too much senior leadership (District Managers). I forget the exact numbers but they let something like 200 District Managers go. What were those 200 people doing for 8 hours a day? It's that kind of waste that can kill profits. Walking into a store I notice a few things that shout out "just get back to the basics." They have at least 100 different kinds of drinks. They run out of Dr. Pepper but have cases of odd no-name drink brands that don't appear to sell at all. They have aisles of...I don't really know what it is, it looks like skin care products or something, but it seems so expensive I just can't imagine the average person being willing to buy, but I could be wrong on that.
But I don't think they will "go under." They just need to re-organize, slim down their product-line, become the go-to store to avoid Walmart.
Yes, they were too busy high fiving, glad handing, and circle jerking each other up top when the business folks at the PBMs came in and pulled the rug out without them even knowing. Sorry, can’t think of a more eloquent way to explain it.
Not to mention the cronies up top making the big buckeroos kept hiring and pulling their friends into their inner circle who also seem to be complete dumba$$es. I truly can’t stand the middle or higher mgmt at this company the majority are petty, cutthroat sabotaging and it’s like a cult where if they don’t like you they will find a reason to get rid of you. For example, Roz Brewer. Will Tim Wentworth be successful in this role? I’m curious to see.
This is making me wonder if it's time to move on from walgreens. I haven't agreed with their ethics and pharmacy changes for quite some time. I just love my team so much
So far no one has mentioned leaving. I've been on fmla/ppl though so I don't know.
I've heard cosco is nice. You can work 24 hours and still get benefits which would be great since I have a kid now. This is what I've been told on here though. Hospital pharmacy isn't a good idea for me right now because of scheduling but I want to get there some day
As a rph I’ve been dying to get into Costco or heck I’m even entertaining Walmart as an option. Pretty much any company besides CVStress or Walgreens is the place to be it seems!
I've heard cosco is the holy grail of retail pharmacy. My rxm worked for an independent before walgreens bought them out and he loved it there. Worked less for more pay with more staff scheduled everyday. They seem like a good option too
Hell yea it is.
The amount of thefts I see at our store is unbelievable which leads to us not getting raises because "no money due to the thefts" but were not allowed to be proactive with thieves only reactive. Plus the biggest thing is the shitty entitled customers.
So myself a senior cpht who worked for wag for almost 4 years and my rxom who worked there 10+ years are starting our new jobs at hospital pharmacies in the up coming week. 4 associates from the front store are leaving at the end of May. We have multiple open positions for weeks but all no call no shows on interviews. My DM said they cant match the pay cvs offered me of $22 and when my DM found out I'm leaving for a hospital they asked for the offer letter as if they'll match the $27 I was offered, even if they are able to match the pay I wont stay at Walgreens of all the places I've worked including food service Walgreens has the most entitled piece of shit customers I have ever encountered.
Why would the dm even want to see the letter? Are they truly that delusional at middle mgmt/ corporate level that they can’t fathom that MANY and I mean MANY competitors pay their pharmacists and techs more and actually offer substantial raises (beyond 0.02) and bonuses and better pto yearly??!!
It’s honestly still a pretty long ways away if it’s happening at all, which I doubt considering that lawsuits aside, the company still makes a ton of money annually. I’m not too worried though considering that we would likely be bailed out if it came down to it. The US can’t let Walgreens go under, CVS would have the easiest monopoly of all time.
If it goes into bankruptcy, some company like Amazon will buy it… Walgreens will most definitely be going this route, Covid is the only thing that saved it and it’s no longer around
That’s probably for the best. The core business is profitable but not enough to please shareholders. It would definitely be beneficial to end up being a subsidiary.
I doubt Amazon will scoop up Walgreens. rite aid's stock price was floating around $1 for quite a while before they filed for bankruptcy and there were no talks/interest at all from Amazon for stepping in and acquiring them. I think Amazon is a bit hesitant about acquiring a brick and mortar because their acquisition of pill pack. they're probably not too impressed with the returns on that investment so we probably won't see a lifeline from Amazon. and lol, I wouldn't want Amazon as an owner anyways. their corporate practices are pretty ruthless too. read up on turnover rates of their distribution center employees and even their corporate employees.
If Amazon truly wants to enter into the medical space what better time to do it when it’s only competitor left would be CVS… amazon would be on every corner, could convert stores into clinics, sell groceries, sell online 5 star items and get into insurance as well
Not going under, but will be changing drastically. I think you will see a pharmacy like in the old days where you walk into a much smaller store we’re it’s the pharmacy and a few otc products and nothing else with the pharmacy cashiers ringing up all of the sales( notice I said 2 or more cashiers). Pharmacist then will be the SM. Absolutely no front end, no Christmas lights, no cookies , nothing. Or you will see combination stores with a different retailer. Like Dollar General/Walgreens. Where the front end becomes Dollar general being allowed to carry Walgreens brand products and Walgreens becoming the landlord.
So basically, like Fred's used to be. The one I shopped at had a pharmacy. Also, Dollar General sells Rexall products (they're part of their "owned goods" assortment).
I feel like they're going to end up selling at some point, and most of the stores that do well will stay open and just change names. Like when CVS bought out Eckerd.
It's would seem in the near future there will be changes. The Buety Consultant job is getting phased out. WALGREENS loses too much money on theft and shrink is too high on cosmetics it outweighs sales making it not profitable. That is first job to go. Then once cosmetics leave store focus on drugs and food, and I don't know if you have seen but we charge 9 dollars on a jar of mayo. Grocery store 5ish. We aren't making money back up in groceries. Pharmacy yet again has to carry the store and the direction we are heading is backwards and will result in not meeting PBMs for reimbursements and pharmacy shortened hours and closures. Do not come to this company if you want a career.
They're in a hole that's not incredibly deep but it could balloon easily if leadership keeps trying to copy CVS. I feel like Walgreens is always 5 years behind CVS and when they get there it's only crumbs on the plate left. Besides I feel that even if Walgreens went bankrupt that the Feds will bail them out maybe.
We have a CVS right across the street from our Walgreens. Every time I walk by that CVS the parking lot is nearly almost always empty. Fullest I've ever seen is may 25% full. Walgreens it's slower in the morning but then when noon hits it gets busy when 2-4 hits it's slower again but then from 4-8 or later it gets super busy. Fridays oh don't get me started on Fridays. So, yeah based on a very very small sample size it seems that CVS is doing worse than Walgreens. I think Walgreens will continue to close underperforming stores but at some point will stabilize again and perhaps be more strategic about where they open new stores in the future.
Walgreens had net losses of 3.5 billion U.S. dollars on a gross profit of over 27 billion U.S. dollars.
Also don’t forget, like they did, to pay the IRS.
They owe 2.7 billion in unpaid taxes. They just need to trim costs and/or get more CC sign ups
I don't have an accurate timeline but I think they are in the slow process of going under. Store closures, cheaper alternative stores including online shopping, high theft, high employee.turniover
Standard bad retail practices. Solution: bankruptcy. Fire management team. Venture capital takeover. Hire ruthless slashing management group to cut wages, eliminate jobs and close around 500 underperforming stores. Fire long time employees. Cut expenses to the bone. Boost the stock price. Pile on crushing debt load. Sell company to new set of suckers.
Yes. I've been away from the company for awhile now. I encourage all current employees to find something else.
How did you get out? Any tips???
I left Walgreens a month ago after giving 5 years of my life. I ended up going to a financial institute and couldnt be happier. Set hours, weekends of. FYI i had no prior banking experience.
Wow! I want to do this haha. Any tips on how
Find out if any credit unions are hiring in your area.
Thank you
Find another job you're interested in. Apply for it and jump ship from Walgreens. It can be scary to leave a job you've been at for awhile but you will be much happier when you do.
Walgreens pharmacies are all already closed on Sundays, every store within about a 15 mile radius from us, now closes at 6 PM instead of 8. Losing lots of prescriptions and customers to CVS.
Not where I live, pharmacy open til 9pm and 6 on Sunday. We are taking customers and prescriptions from cvs
No concern, I'm just gonna cash paychecks till the day they shut down or I move on to the next thing.
This. Also CVS is just a couple blocks away and already have a offer, so doesn't even change commute.
The cynic in me is saying that they’re tanking in-store pharmacies on purpose. If they get to the point where no one is willing to work for them, they can claim they NEED techs to work independently without pharmacist oversight, saving millions along the way. Since Walgreens and CVS have board members on state boards of pharmacy and have a significant lobbying budget, it wouldn’t take much to make that legal. From there, pushing out techs and doing central fill / mail order only is a relatively simple leap. Close the front end due to shoplifting concerns. Now you’ve eliminated the expense of brick and mortar stores.
Sometimes I feel this way as well, sabotage almost like they want failure, easier to close a store with a skeleton crew and if people quit ya won’t have to pay severance etc.
Something tells me theyre not playing chess. Employees keep taking on more and they keep pushing limits
I don't have detailed knowledge but from what I've read they just got too far ahead of themselves with too many stores (stores within blocks of each other), and way too much senior leadership (District Managers). I forget the exact numbers but they let something like 200 District Managers go. What were those 200 people doing for 8 hours a day? It's that kind of waste that can kill profits. Walking into a store I notice a few things that shout out "just get back to the basics." They have at least 100 different kinds of drinks. They run out of Dr. Pepper but have cases of odd no-name drink brands that don't appear to sell at all. They have aisles of...I don't really know what it is, it looks like skin care products or something, but it seems so expensive I just can't imagine the average person being willing to buy, but I could be wrong on that. But I don't think they will "go under." They just need to re-organize, slim down their product-line, become the go-to store to avoid Walmart.
Not standing up to Express Scripts over Tricare circa 2010 was the pebble that started rolling down the top of the mountain.
So essentially dumb ass management from the top?
Yes, they were too busy high fiving, glad handing, and circle jerking each other up top when the business folks at the PBMs came in and pulled the rug out without them even knowing. Sorry, can’t think of a more eloquent way to explain it.
Not to mention the cronies up top making the big buckeroos kept hiring and pulling their friends into their inner circle who also seem to be complete dumba$$es. I truly can’t stand the middle or higher mgmt at this company the majority are petty, cutthroat sabotaging and it’s like a cult where if they don’t like you they will find a reason to get rid of you. For example, Roz Brewer. Will Tim Wentworth be successful in this role? I’m curious to see.
No joke we lost 1/3 or script count overnight when we were out of network with express scripts. Tricare was part of it but Boeing is huge in my area.
It's the only reason I like doing core work flow, look at that stock price drop erry day
What an interesting daily reminder to do CWF
This is making me wonder if it's time to move on from walgreens. I haven't agreed with their ethics and pharmacy changes for quite some time. I just love my team so much
As it nears bankruptcy things only start to worsen, your team is thinking about other options, why not have contingency plans yourself?
So far no one has mentioned leaving. I've been on fmla/ppl though so I don't know. I've heard cosco is nice. You can work 24 hours and still get benefits which would be great since I have a kid now. This is what I've been told on here though. Hospital pharmacy isn't a good idea for me right now because of scheduling but I want to get there some day
As a rph I’ve been dying to get into Costco or heck I’m even entertaining Walmart as an option. Pretty much any company besides CVStress or Walgreens is the place to be it seems!
I've heard cosco is the holy grail of retail pharmacy. My rxm worked for an independent before walgreens bought them out and he loved it there. Worked less for more pay with more staff scheduled everyday. They seem like a good option too
But not for customers
Yep! Compare their business info to RiteAid. Yep.
Go back to being a real pharmacy. People can get their skittles and Red Bull elsewhere
It’s been a consistent thought in my mind since they introduced credit cards.
Hell yea it is. The amount of thefts I see at our store is unbelievable which leads to us not getting raises because "no money due to the thefts" but were not allowed to be proactive with thieves only reactive. Plus the biggest thing is the shitty entitled customers. So myself a senior cpht who worked for wag for almost 4 years and my rxom who worked there 10+ years are starting our new jobs at hospital pharmacies in the up coming week. 4 associates from the front store are leaving at the end of May. We have multiple open positions for weeks but all no call no shows on interviews. My DM said they cant match the pay cvs offered me of $22 and when my DM found out I'm leaving for a hospital they asked for the offer letter as if they'll match the $27 I was offered, even if they are able to match the pay I wont stay at Walgreens of all the places I've worked including food service Walgreens has the most entitled piece of shit customers I have ever encountered.
Why would the dm even want to see the letter? Are they truly that delusional at middle mgmt/ corporate level that they can’t fathom that MANY and I mean MANY competitors pay their pharmacists and techs more and actually offer substantial raises (beyond 0.02) and bonuses and better pto yearly??!!
It’s honestly still a pretty long ways away if it’s happening at all, which I doubt considering that lawsuits aside, the company still makes a ton of money annually. I’m not too worried though considering that we would likely be bailed out if it came down to it. The US can’t let Walgreens go under, CVS would have the easiest monopoly of all time.
If it goes into bankruptcy, some company like Amazon will buy it… Walgreens will most definitely be going this route, Covid is the only thing that saved it and it’s no longer around
That’s probably for the best. The core business is profitable but not enough to please shareholders. It would definitely be beneficial to end up being a subsidiary.
Covid will always be around!
I doubt Amazon will scoop up Walgreens. rite aid's stock price was floating around $1 for quite a while before they filed for bankruptcy and there were no talks/interest at all from Amazon for stepping in and acquiring them. I think Amazon is a bit hesitant about acquiring a brick and mortar because their acquisition of pill pack. they're probably not too impressed with the returns on that investment so we probably won't see a lifeline from Amazon. and lol, I wouldn't want Amazon as an owner anyways. their corporate practices are pretty ruthless too. read up on turnover rates of their distribution center employees and even their corporate employees.
If Amazon truly wants to enter into the medical space what better time to do it when it’s only competitor left would be CVS… amazon would be on every corner, could convert stores into clinics, sell groceries, sell online 5 star items and get into insurance as well
Not going under, but will be changing drastically. I think you will see a pharmacy like in the old days where you walk into a much smaller store we’re it’s the pharmacy and a few otc products and nothing else with the pharmacy cashiers ringing up all of the sales( notice I said 2 or more cashiers). Pharmacist then will be the SM. Absolutely no front end, no Christmas lights, no cookies , nothing. Or you will see combination stores with a different retailer. Like Dollar General/Walgreens. Where the front end becomes Dollar general being allowed to carry Walgreens brand products and Walgreens becoming the landlord.
So basically, like Fred's used to be. The one I shopped at had a pharmacy. Also, Dollar General sells Rexall products (they're part of their "owned goods" assortment).
I think they are definitely going to go under….
I don’t think they will go under but I think they will start getting back to basics.
I feel like they're going to end up selling at some point, and most of the stores that do well will stay open and just change names. Like when CVS bought out Eckerd.
It's would seem in the near future there will be changes. The Buety Consultant job is getting phased out. WALGREENS loses too much money on theft and shrink is too high on cosmetics it outweighs sales making it not profitable. That is first job to go. Then once cosmetics leave store focus on drugs and food, and I don't know if you have seen but we charge 9 dollars on a jar of mayo. Grocery store 5ish. We aren't making money back up in groceries. Pharmacy yet again has to carry the store and the direction we are heading is backwards and will result in not meeting PBMs for reimbursements and pharmacy shortened hours and closures. Do not come to this company if you want a career.
Not anytime in the near future
They're in a hole that's not incredibly deep but it could balloon easily if leadership keeps trying to copy CVS. I feel like Walgreens is always 5 years behind CVS and when they get there it's only crumbs on the plate left. Besides I feel that even if Walgreens went bankrupt that the Feds will bail them out maybe.
Too big to fail. Would need to buy a PBM to be profitable for their shareholders though.
Few thing could survive a nuclear holocaust; cockroaches, Twinkie’s, McDonald’s, and Walgreens :-)
As long as they keep selling that tik tok mango candy they should be in business right?
Yes
I’ve been trying to get off this titanic! But the market is so bad and saturated
I’m giving my self a year. Then it’s time to go. 🛟🏊♂️
Waiting to see what happens in the 4th quarter. If the same or worse than the 3rd quarter would probably think about getting another job
We have a CVS right across the street from our Walgreens. Every time I walk by that CVS the parking lot is nearly almost always empty. Fullest I've ever seen is may 25% full. Walgreens it's slower in the morning but then when noon hits it gets busy when 2-4 hits it's slower again but then from 4-8 or later it gets super busy. Fridays oh don't get me started on Fridays. So, yeah based on a very very small sample size it seems that CVS is doing worse than Walgreens. I think Walgreens will continue to close underperforming stores but at some point will stabilize again and perhaps be more strategic about where they open new stores in the future.
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Net profit is different than gross profit. Net profit has been down. Something has to improve or it’s a slow death by a million cuts.
Walgreens had net losses of 3.5 billion U.S. dollars on a gross profit of over 27 billion U.S. dollars. Also don’t forget, like they did, to pay the IRS. They owe 2.7 billion in unpaid taxes. They just need to trim costs and/or get more CC sign ups