Latest news with #Walgreens-Sycamore

Boston Globe

Sen. Warren presses Walgreens' private equity buyer to protect pharmacy access in Mass.

Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up 'These private equity buyouts of companies facing financial hardship — whether they involve health care companies, retail, or other types of firms — frequently lead to worse outcomes for employees and consumers: private equity firms sell off assets and close locations, employees lose their jobs, and consumers lose access to essential goods and services," Warren wrote in the letter shared with the Globe. Advertisement In the letter, Warren expressed concerns about the private equity takeover of the pharmacy giant following a similar path as Steward Health Care, which Advertisement She also voiced concern for 'Millions of customers across the United States rely on Walgreens for primary care, essential medications, and household items — and if the Walgreens-Sycamore deal generates even more store closures, that could leave even more Walgreens customers in 'pharmacy deserts' without access to these necessities," Warren wrote in the letter. Warren outlined a series of questions for the firm in the letter, seeking 'assurances that Sycamore's buyout of Walgreens will not damage the company further, and will not cost hardworking Americans their jobs or create difficulties for patients that need access to lifesaving medications,' she wrote. The questions include whether the firm plans to shutter any additional Walgreens stores, how it plans to ensure that communities retain access to a retail pharmacy after closures, and whether it plans to sell real estate from closed locations. Warren also asked whether the company intends to fire Walgreens employees in the acquisition. and urged it to not accept payouts from Walgreens until it is profitable. Warren said she is concerned the deal will be financed with a disproportionate amount of debt, leaving it vulnerable to a 'heightened risk of bankruptcy.' Sycamore Partners did not immediately respond to a request for comment. Maren Halpin can be reached at