Walgreens Boots Alliance is reportedly in talks with New York City-based Sycamore Partners, a private equity firm, to sell itself and become private, The Wall Street Journal reported Dec. 10.
Sources familiar with the matter told The Wall Street Journal that the deal could be wrapped as early as next year, should negotiations move forward without setbacks.
The move would come after Walgreens shared plans to close "a significant portion" of underperforming stores in late June due to ongoing changes in consumer spending and financial challenges.
In mid-October, the company revealed that it will shutter around 1,200 retail stores over three years, including around 500 closures in fiscal 2025.
Walgreens saw an operating loss of $978 million in the fourth quarter of 2024, up 117.1% compared to the same period in 2023.
Sycamore Partners specializes in retail and consumer investment. It has around $10 billion in aggregate committed capital, according to its LinkedIn page.
Both Walgreens and Sycamore Partners declined to provide Becker's with a comment.