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Walgreen Co. plans to cut costs, overhaul stores and change the way it fills prescriptions as it shifts gears to respond to rising competition and slowing drug sales.
The drugstore chain, based in Deerfield, Ill., said it expects to incur $300 million to $400 million in costs over the next two fiscal years for reducing suppliers, cutting jobs, reorganizing stores and improving its pharmacy business. Walgreen said the changes should produce $1 billion in annual savings by fiscal 2011. It is paring capital spending from $2.2 billion in its fiscal year ended Aug. 31 to $1.8 billion this fiscal year.
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The drugstore chain, based in Deerfield, Ill., said it expects to incur $300 million to $400 million in costs over the next two fiscal years for reducing suppliers, cutting jobs, reorganizing stores and improving its pharmacy business. Walgreen said the changes should produce $1 billion in annual savings by fiscal 2011. It is paring capital spending from $2.2 billion in its fiscal year ended Aug. 31 to $1.8 billion this fiscal year.
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