Walgreens suspends dividend, breaking 90-plus year streak of shareholder payouts

Shares of Walgreens dove early Friday, a day after the drugstore chain said it was suspending its dividend, breaking a streak of quarterly shareholder payouts that stretches back more than 90 years. The drugstore chain said Thursday after markets closed that it made the move to strengthen its balance sheet and improve free cash flow as company leaders try to turn around the struggling business. Walgreens has been dealing with thin prescription reimbursement, rising costs, persistent theft and inflation-sensitive shoppers who are looking for bargains elsewhere. The company says it has paid cash dividends every quarter since 1933.