Sycamore to Take Walgreens Private in $10B Deal

Sycamore Partners acquired Walgreens in a $10 billion deal that took the retail pharmacy chain private in August 2025. Months later, Walgreens announced layoffs affecting 469 employees in Illinois, including roles in Deerfield, downtown Chicago, and Danville.

Walgreens said the job cuts are part of a reorganization intended to “best position” the company for growth, with emphasis on stores and customer/patient outcomes. The affected employees received 60 days’ notice of termination starting February 10, according to a letter sent to the Illinois Department of Commerce and Economic Activity.