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.

Walgreens is suspending its quarterly dividend payments to stockholders as the company works to free up cash to reduce debt and fund its long-term turnaround.

KEY TAKEAWAYS Walgreens Boots Alliance shares are sinking in premarket trading, as the pharmacy chain suspends quarterly dividends to shore up its finances while it works to turnaround its business.The company said it needs to conserve cash to cope with legal challenges and refinance its debt.