Walgreens Cuts Pay for Hourly Workers After Sycamore Buyout (1)

Walgreens will no longer give many of its retail workers paid vacation time for Thanksgiving, Christmas and other major holidays, as the company looks to cut costs under new owners.

The pharmacy chain eliminated six paid holidays for hourly store workers, cutting hundreds of dollars from their paychecks, according to interviews and records reviewed by Bloomberg News. Walgreens informed workers of the change in early October. That was a little over a month after it was acquired by private equity firm Sycamore Partners.

Walgreens didn’t respond to requests for comment. Sycamore declined to comment.

The storied American drugstore has struggled ...