Walgreens Boots Alliance said Thursday that it had agreed to be acquired by Sycamore Partners, a private equity firm, in a $10 billion deal that will take the struggling pharmacy chain out of the glare of public markets.

Walgreens has faced declining prescription reimbursements and falling sales at its retail locations for years — a trend that has hit a number of major pharmacy chains. After rapidly expanding their brick-and-mortar footprint, pharmacy companies now say it’s harder to turn a profit from selling prescriptions, citing pressure from middlemen.

Cautious spending from consumers who have been grappling with inflation, coupled with competition from retail behemoths such as Amazon and Walmart, has also dampened pharmacies’ sales of household items.

Walgreens, which owns the Duane Reade chain in the New York City area and the Boots pharmacies in Britain, has been closing stores.

The buyout follows a roughly 50% drop in the company’s share price in the past year.

— The New York Times