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

U.S.-based pharmacy chain Walgreens Boots Alliance (WBA) suspended its long-standing dividend to preserve cash and prioritize its turnaround

Cash needs for the next several years, “including with respect to litigation and debt refinancing,” were important considerations, the company said.

Walgreens is suspending its quarterly dividend as the company works to “evaluate and refine its capital allocation policy" amid its turnaround efforts.

Walgreens Boots Alliance announced Thursday that it is suspending its practice of paying cash dividends to stockholders — the first time it won’t pay a quarterly dividend in 92 years. The change comes amid struggles for the Deerfield-based retail pharmacy giant.

Find out why Walgreens Boots Alliance (WBA) stock fell over 7% in extended trading and why the drugstore chain is suspending cash dividends.

Walgreens Boots Alliance shares are falling in extended trading Thursday after the company suspended its quarterly dividend.

The move is the latest sign that the pharmacy chain is struggling to cut costs, improve margins and find stability.