8-3-2012- Pharmacy chain Walgreens (NYSE:WAG) could be expanding and adding more jobs in the struggling economy. According to the Chicago Tribune, Illinois governor Pat Quinn offered the company an estimated $46 million in corporate income tax credits to create more jobs in the state. In the 10 year agreement, Walgreens will spend $75 million to expand its headquarters and will create 500 jobs.
Reports say most of the jobs will be corporate positions to focus on the support of Walgreens' online business and its pharmacy services.
This announcement is timely in the fact that it's paired with the Labor Department's jobs report. The promise Walgreens is creating more jobs falls in line with the 163,000 jobs added in July. The company, most likely, is hoping to show investors that it is dedicated to creating job growth in the United States.
However, this announcement hasn't helped the pharmacy chain in trading. Walgreens stock is down almost three quarters of a percent to $35.50.