DEERFIELD, Unwell. (AP) — The acquisition of Walgreens by a personal 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 grow 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 authorized 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 personal provides the corporate extra flexibility to make modifications to enhance its enterprise with out worrying about Wall Road’s response.
The struggling drugstore chain stated final fall that it deliberate to shut 1,200 of its roughly 8,500 U.S. shops. It started this yr 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 yr, closed Wednesday at $11.98. The inventory value had climbed 28% thus far this yr, nevertheless it has shed most of its worth since topping $97 to reaching an all-time excessive a decade in the past.