The company will continue to operate under the name Walgreens and its headquarters will remain in the Chicago area.

Putting its many affairs in order will probably be easier as a private company, but there are still pitfalls — including a crushing load of debt.

A buyout to take the Deerfield-based drugstore chain private would give it more flexibility to make changes to improve its business without worrying about Wall Street’s reaction.

Walgreens Boots Alliance is being taken private in a deal valued up to $23.7 billion, following a largely disastrous run on the public markets where its market cap has lost billions and more than 10% of its locations have closed.

Walgreens and the private equity firm Sycamore Partners expect to close the take-private deal in the fourth quarter of this year.

Walgreens Boots Alliance Inc. announced Thursday it has entered into a definitive agreement to be sold for $10 billion to private equity firm Sycamore Partners, which specializes in retail, consumer and distribution-related investments.

The Walgreens Boots Alliance Friday said the drug store chain is going private, acquired by private equity company Sycamore Partners in a $23.7 billion deal described as a "definitive agreement."

Shares of Walgreens Boots Alliance have lost about half their value in the past year, as the chain has faced pressure in its retail and pharmacy businesses.

Walgreens Boots Alliance Inc. is reportedly close to selling itself to a private equity firm in a $10 billion deal that would take the company private. The Wall Street Journal reported that Sycamore Partners would take Walgreens (Nasdaq: WBA) off the market in a deal that could be completed as early as Thursday if no major problems arise.