DEERFIELD, Sick. (AP) — The acquisition of Walgreens by a non-public fairness agency is full, ending the pharmacy chain’s run as a publicly traded firm.
Walgreens stated Thursday that former Staples chief Mike Motz will turn out to be its new chief govt officer, changing Tim Wentworth.
Walgreens had introduced in March that it agreed to be acquired by Sycamore Companions in a deal valued at round $10 billion. Its shareholders approved that deal final month.
Walgreens, like its rivals, has been scuffling with skinny prescription reimbursement, persistent theft and rising working prices amongst different challenges. Going non-public offers the corporate extra flexibility to make adjustments to enhance its enterprise with out worrying about Wall Road’s response.
The struggling drugstore chain said last fall that it deliberate to shut 1,200 of its roughly 8,500 U.S. shops. It started this 12 months by suspending a quarterly dividend it had supplied for greater than 90 years.
Shares of the Deerfield, Illinois, firm, which was a Dow Jones industrial common part final 12 months, closed Wednesday at $11.98. The inventory value had climbed 28% thus far this 12 months, nevertheless it has shed most of its worth since topping $97 to reaching an all-time excessive a decade in the past.
