Walgreens stops paying dividends after 90 years, and its stock price drops sharply.

Walgreens, a big drugstore chain, stopped giving out dividends to its shareholders. This decision surprised many because Walgreens has been paying dividends for over 90 years. The company said they need the money to fix their finances and make the business stronger.

Walgreens is facing many challenges like low profits on prescriptions, higher costs, and people stealing from their stores. They are also closing down some stores and facing lawsuits which cost a lot of money.

The company had already reduced its dividend last year but decided to stop it completely to save money. Experts believe this was a necessary step because the dividend was too high compared to the company's earnings.

While stopping dividends is usually a bad sign, some investors think it shows that Walgreens is serious about solving its problems. They believe that fixing the company's finances is more important than paying dividends right now.

The announcement caused Walgreens shares to drop significantly, wiping out recent gains. The company's stock has been declining for a long time, and this decision has made investors even more worried about its future.