Core Viewpoint - Walgreens is laying off over 600 employees following its acquisition by private equity firm Sycamore Partners, as part of a cost-reduction strategy aimed at improving profitability after facing competitive pressures and operational challenges [1]. Company Actions - Walgreens is cutting 469 jobs in Illinois and plans to cut another 159 positions in Texas due to the closure of a distribution center [1]. - The company is also eliminating paid holidays for some employees as part of the cost-cutting measures [1]. Acquisition Details - Walgreens was taken private for $10 billion last year after experiencing a series of costly missteps and increased competition from lower-priced rivals like Amazon and Walmart [1]. - Sycamore Partners, known for acquiring distressed retailers, aims to enhance store sales by introducing new products such as electronic cigarettes [1].