Walgreens Boots Alliance has agreed to be acquired by Sycamore Partners, marking a significant shift as it goes private after facing financial challenges. Despite shares only rising under 7% post-announcement, the move aims to provide Walgreens more flexibility for its turnaround strategy without the pressure from public investors. The company has struggled, closing over 1,200 stores and suspending dividends due to falling foot traffic and online competition. CEO Tim Wentworth expressed optimism for a strategic redirection with Sycamore's expertise in retail turnarounds.
"While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time, focus and change that is better managed as a private company,"Tim Wentworth, CEO of Walgreens Boots Alliance.
"Sycamore will provide us with the expertise and experience of a partner with a strong track record of successful retail turnarounds," Tim Wentworth said.
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