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Investing.com -- Walgreens has eliminated paid holidays for many of its retail workers as part of cost-cutting measures following its acquisition by private equity firm Sycamore Partners, Bloomberg reports.
The pharmacy chain has cut six paid holidays for hourly store employees, removing hundreds of dollars from their paychecks, according to documents and interviews reviewed by Bloomberg News. Workers were informed of this change in early October, approximately one month after Sycamore Partners completed its $10 billion acquisition of Walgreens and related healthcare and retail businesses.
Previously, full-time hourly store employees received pay for Thanksgiving, Christmas, New Year's, Memorial Day, Fourth of July, and Labor Day even if they didn't work, provided they met certain conditions such as having six months of employment with the company. Employees who worked on holidays received additional compensation.
Under the new policy, full-time hourly workers will only be paid for these holidays if they actually work on those days. Those who do work will still receive the extra holiday pay they were entitled to before.
This holiday pay elimination represents the latest in a series of cost-reduction initiatives implemented at Walgreens since the Sycamore Partners takeover in August, when the private equity firm acquired Walgreens along with other health care and retail companies that have since been separated.
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