Walgreens has eliminated six paid holidays for hourly store workers after being acquired by a private equity firm later this year.

The holiday pay elimination is a cost-cutting move, the company said.

Walgreens was bought by the private equity firm Sycamore Partners in August.

According to Crain's Chicago Business, the new owners told workers about the holiday pay change in October.

Walgreens previously fired 80 corporate employees and announced plans to close its downtown Chicago office. The company has struggled with thin prescription reimbursement, persistent theft, and rising operating costs, among other challenges. 

In the fall of 2024 Walgreens announced it was closing 1,200 storesnationwide over the course of three years.