Kate Leinbaugh

What went wrong for Piscina and Walgreens is after this break. With Walgreens' pharmacy business struggling, CEO Stefano Pacina identified other areas that he thought could be more profitable. He tried beefing up its retail business with Walgreens-branded merchandise.

What went wrong for Piscina and Walgreens is after this break. With Walgreens' pharmacy business struggling, CEO Stefano Pacina identified other areas that he thought could be more profitable. He tried beefing up its retail business with Walgreens-branded merchandise.

What went wrong for Piscina and Walgreens is after this break. With Walgreens' pharmacy business struggling, CEO Stefano Pacina identified other areas that he thought could be more profitable. He tried beefing up its retail business with Walgreens-branded merchandise.

But there was a problem with this formula — online shopping.

But there was a problem with this formula — online shopping.

But there was a problem with this formula — online shopping.

Fecina also tried other things. Walgreens bought thousands of Rite Aid stores. It acquired a couple doctor's office chains. But the deals added more debt and failed to stop the pressure on its cash flow. Meanwhile, Walgreens and its rivals were searching for new solutions for their pharmacy businesses.

Fecina also tried other things. Walgreens bought thousands of Rite Aid stores. It acquired a couple doctor's office chains. But the deals added more debt and failed to stop the pressure on its cash flow. Meanwhile, Walgreens and its rivals were searching for new solutions for their pharmacy businesses.

Fecina also tried other things. Walgreens bought thousands of Rite Aid stores. It acquired a couple doctor's office chains. But the deals added more debt and failed to stop the pressure on its cash flow. Meanwhile, Walgreens and its rivals were searching for new solutions for their pharmacy businesses.

That deal allayed the reimbursement pressure for CVS. And Walgreens tried to do something similar and get a deal with the insurance company Humana. But the deal fell through. and the number of potential partners was thinning out.

That deal allayed the reimbursement pressure for CVS. And Walgreens tried to do something similar and get a deal with the insurance company Humana. But the deal fell through. and the number of potential partners was thinning out.

That deal allayed the reimbursement pressure for CVS. And Walgreens tried to do something similar and get a deal with the insurance company Humana. But the deal fell through. and the number of potential partners was thinning out.

A wallflower at the big PBM health insurance dance.

A wallflower at the big PBM health insurance dance.

A wallflower at the big PBM health insurance dance.

Pacina stepped down as CEO in 2021, but stayed on as executive chairman. Walgreens hired two other CEOs in the past four years, but neither of them were able to turn the company around. And investors lost patience.

Pacina stepped down as CEO in 2021, but stayed on as executive chairman. Walgreens hired two other CEOs in the past four years, but neither of them were able to turn the company around. And investors lost patience.

Pacina stepped down as CEO in 2021, but stayed on as executive chairman. Walgreens hired two other CEOs in the past four years, but neither of them were able to turn the company around. And investors lost patience.

Last week, the private equity firm Sycamore announced it would buy Walgreens for $10 billion, a fraction of the $100 billion it was once valued at. Pacino will stay on as a shareholder. Sycamore plans to take the pharmacy chain off the stock market. In a statement, Walgreen's CEO said this will allow the company time to focus more long-term in its decision-making.

Last week, the private equity firm Sycamore announced it would buy Walgreens for $10 billion, a fraction of the $100 billion it was once valued at. Pacino will stay on as a shareholder. Sycamore plans to take the pharmacy chain off the stock market. In a statement, Walgreen's CEO said this will allow the company time to focus more long-term in its decision-making.