Rite Aid is cutting more than 20 percent of its corporate staff as it changes up leadership.
Roughly 400 full-time jobs will be cut at the company’s headquarters in Pennsylvania and across the field organization. Two-thirds will take place immediately.
Rite Aid expects to save $55 million from the cuts to offset reduction in income associated with the sale of more than 1,900 stores to Walgreens Boots Alliance Inc. in 2017.
The company’s CEO, chief operating officer and chief financial officer are also leaving the company.
“These are difficult decisions and we recognize the implications they have for individuals across our organization. However, it is imperative we take action to reduce the cost of current operations and become a more efficient and profitable company,” said Bruce Bodaken, chairman of Rite Aid’s Board of Directors.
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