Boots restructuring
This article was originally published in The Rose Sheet
Executive Summary
UK beauty manufacturer and retailer Boots will eliminate 900 positions affecting all support and central functions in its Nottingham headquarters and some regional stores, company announces Jan. 16. Effort is aimed at modernizing the business to develop "simpler and more responsive" business model. Headcount reduction will take place over six months, translating to full year savings of $71 mil. (£1=$1.82), of which $9.1 mil. has been reinvested in new roles. Expected total cost is $85.6 mil., with $54.6 mil. charge to be taken in the current financial year, Boots says. Announcement comes on the heels of "getting in shape" cost savings program announced in 2002 aimed at achieving $182 mil. savings...