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DEERFIELD, Ill. — According to a report in Bloomberg, Walgreens Boots Alliance Inc. (WBA) is getting advice from Perella Weinberg Partners and AlixPartners for help with its operations and balance sheet, according to people with knowledge of the situation the story said.
The company is dealing with mounting liabilities, including a U.S. DOJ lawsuit accusing it of filling millions of unlawful opioid prescriptions. The company has been looking to sell non-core assets as it conserves cash.
VillageMD, the health care clinic chain backed by Walgreens, is working with Evercore Inc. and Alvarez & Marsal Inc. for assistance as explores options that include a sale or restructuring of its operations, said the people, who asked not to be identified discussing a private matter.
Walgreens chief executive Officer Tim Wentworth said on an earnings call last month that the company plans to divest VillageMD and use any proceeds to reduce debt and improve its balance sheet.
Walgreens “is continuing to work toward executing its stated goal of securing an endpoint for its investment in VillageMD, consistent with Walgreens’ turnaround strategy,” a spokesperson for Walgreens said in an emailed statement.
