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.

Walgreens Boots Alliance has suspended its quarterly cash dividend amid restructuring efforts, the U.S. pharmacy chain operator said on Thursday.

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

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

Walgreens Boots Alliance (NASDAQ:WBA) fell over 7% in extended trading on Thursday after the drugstore chain said it is suspending cash dividend paid to stockholders on a quarterly basis. This comes after a report that a potential takeover of the company by private equity from Sycamore Partners will likely not happen.