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‘It might be gutted’ – Boots braces for dose of private equity’s bitter medicine
- US private equity firm Sycamore Partners is close to finalizing a $10bn deal to take over Walgreens Boots Alliance, the listed US owner of Boots.
- Experts speculate that Sycamore might sell off assets, potentially including entire aspects of Boots, such as stores, property, or brands.
- With concerns about changes in ownership, fears arise about store closures, cost-cutting, and diminishing staff at Boots, which employs about 51,000 people.
- Boots, a Nottingham-based chemist, has changed hands multiple times in the past two decades, facing unsuccessful sale attempts and ownership transitions.
- Residents in Beeston express worries about the impact of ownership changes on the town, with anxieties about potential store closures and staff reductions.
- Boots workers are concerned about the motivation of private equity firms focused on profit rather than the well-being of the business and its community.
- Speculations arise regarding the future of Boots' properties, potential divestments, and the impact on local businesses dependent on Boots' operations.
- There are concerns about potential store closures at Boots as a strategy to navigate the challenging retail environment, including competition from online and discount retailers.
- Survey results indicate that a significant portion of Boots staff fear job insecurity and worsening conditions in the event of a takeover, amidst uncertainties in the high street retail landscape.
- Boots faces challenges balancing government contracts, pharmacy services costs, and maintenance issues in stores, alongside an aging UK population's changing healthcare needs.
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