Posted: Mon May 18, 2009 9:24 pm Post subject: Boots cuts 1,500 jobs
Alliance Boots, the pharmaceutical wholesaler and retailer, will cut 10pc of the workforce in its 15,000 strong wholesale division after it experienced "the most difficult market conditions" it has ever seen.
The company said that like-for-like sales at its UK Boots The Chemists chain rose by 1.3pc. The retailer said that it had sold 1m units of its No 7 brand Protect & Perfect beauty serum since it launched two and a half weeks ago.
Stefano Pessina, Alliance Boots' executive chairman, said: "I am pleased, indeed I can't hide how proud I am, that Alliance Boots has once again achieved strong growth in revenue, EBITDA and trading profit, despite the challenging environment."
He denied that the company has too much debt, despite its borrowings now standing at £9bn, up from £8.7bn last year. This compares with £1.2bn prior to his taking the combined company private.
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