Walgreens Lays Off 469 Illinois Employees After Private Equity Buyout

Layoffs come six months after Sycamore Partners acquired the pharmacy chain for $10 billion.

Published on Feb. 28, 2026

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Walgreens has announced it is laying off 469 employees in Illinois, including at its offices in Deerfield, downtown Chicago, and Danville. The layoffs come nearly six months after the company was acquired by private equity firm Sycamore Partners in a $10 billion deal that took Walgreens private. Walgreens said affected employees will receive 60 days' notice and full compensation and benefits during that period.

Why it matters

The Walgreens layoffs highlight the impact that private equity buyouts can have on employees, as new owners often seek to cut costs and restructure operations. This is the second round of layoffs at Walgreens since the Sycamore acquisition, raising concerns about the long-term viability of jobs at the pharmacy chain.

The details

Walgreens said the layoffs will impact employees at its offices in Deerfield, downtown Chicago, and Danville. The company notified the Illinois Department of Commerce and Economic Activity that the layoffs will begin on February 10 and in the days following. Walgreens also recently notified Texas that it is laying off 159 workers there.

  • Walgreens was acquired by Sycamore Partners in August 2025.
  • Walgreens announced the 469 Illinois layoffs in a letter sent to the state in early February 2026.
  • The layoffs will begin on February 10, 2026 and in the days following.

The players

Walgreens

A major retail pharmacy chain that was recently acquired by private equity firm Sycamore Partners in a $10 billion deal.

Sycamore Partners

A private equity firm that acquired Walgreens Boots Alliance in August 2025 for approximately $10 billion, taking the company private.

Mike Motz

The new CEO of Walgreens appointed after the Sycamore Partners acquisition.

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What’s next

The layoffs are part of Walgreens' restructuring under new private equity ownership, and it remains to be seen if further job cuts or store closures will follow.

The takeaway

The Walgreens layoffs illustrate the impact that private equity buyouts can have on employees, as new owners often seek to cut costs and restructure operations. This is the second round of layoffs at Walgreens since the Sycamore acquisition, raising concerns about the long-term viability of jobs at the pharmacy chain.