Walgreens to cut 1,000 managers

NEW YORK -- Drugstore operator Walgreen Co. said Thursday it will cut 1,000 jobs by mid-year, or about 9 percent of corporate management, through a combination of voluntary buyouts and layoffs.

The Deerfield, Ill., company said the job cuts will come from corporate and field management and won't include store employees. The targeted workers will be able to resign or retire with severance pay and benefits based on their tenure. Starting in February, the company will begin layoffs under less favorable terms.

The cuts come amid a slowdown in consumer spending brought on by the U.S. recession, which has hurt retailers and weakened drug sales.