Is Walgreens Seeking a Sale?
It’s no secret that Walgreens has had a tough last few years, posting frequent declines in value and shares. A couple of months after Walgreens Boots Alliance shared that it posted $14.1 billion in operating losses in fiscal 2024 and plans to close about 1,200 underperforming stores in the next three years, The Wall Street Journal reported that Walgreens is exploring a sale to a New York City-based private equity firm, Sycamore Partners.
If the pharmacy chain is indeed looking to sell itself to an outsider, a deal could come as soon as early next year. Sycamore Partners already has a presence in retail as the owner of the Staples office supply chain and an investor in apparel chains including Ann Taylor, Loft, Talbots and Belk.
According to anonymous sources cited by the publication, Sycamore Partners would “likely sell off pieces of the business or work with partners.”
Progressive Grocer has reached out to Walgreens for comment.
Deerfield, Ill.-based Walgreens currently operates nearly 9,000 retail locations across the United States, Puerto Rico and the U.S. Virgin Islands. The company is No. 6 on The PG 100, Progressive Grocer’s 2024 list of the top food and consumables retailers in North America. Seattle-based Amazon is No. 2 on The PG 100.
