Walgreens Closing Downtown Chicago Location, Keeping Suburban HQ In Consolidation Plan: Report

DEERFIELD, IL — The new owners of Walgreens are consolidating properties. Sycamore Partners, a private equity firm out of New York, acquired the pharmacy giant's parent company earlier this year in a deal worth $23.7 billion.

Crain's Chicago Business is reporting Monday that Sycamore is closing a massive downtown Chicago workspace at the Old Post Office property and is consolidating its local workforce at its headquarters in Deerfield.

The sale, which was completed in August, broke up Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD. Those entities are now standalone companies under private ownership.

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Sycamore said on Aug. 28 it is acquiring Walgreens in partnership with Stefano Pessina and his family, who have reinvested 100 percent of their interests in WBA, "demonstrating their ongoing support and confidence in the company's future." The Italian-Monegasque billionaire businessman is executive chairman and largest single shareholder of Walgreens Boots Alliance.

The move means Walgreens, which has been a publicly traded company for nearly 100 years, is now a private entity. With the completion of the acquisition, WBA's common stock has ceased trading and will no longer be listed on the Nasdaq.