Retailers That Went Private Through Acquisitions in 2025

The year 2025 was one of the most turbulent periods the global retail industry has faced in more than a decade. Store closures accelerated across malls and high streets; foot traffic remained uneven; and consumer spending remained cautious amid inflation fatigue and higher interest rates.

Many once-dominant retail chains struggled under the weight of public market expectations, quarterly earnings pressure, and shrinking margins. Against this backdrop, a clear trend emerged: some of the most recognizable retail brands chose to exit the public markets altogether.

Private equity firms and long-term investors stepped in aggressively, acquiring retailers that needed operational breathing room, balance sheet repair, or strategic reinvention. Here are the major retailers that went private through acquisitions in 2025, and what their transitions say about the future of retail.

Walgreens’ decision to go private marked one of the largest and most consequential retail take-private deals of the year. Once considered a defensive retail giant due to its healthcare exposure, Walgreens struggled in recent years with falling prescription margins, declining front-of-store sales, and intense competition from online pharmacies and big-box retailers.

In 2025, private equity firm Sycamore Partners undertook a $23.7 billion acquisition that removed Walgreens from the public markets. Going private gives Walgreens the flexibility to close underperforming stores, renegotiate supplier contracts, and rethink its healthcare services strategy without facing quarterly earnings scrutiny.

Skechers’ transition to private ownership was among the most surprising retail transactions of 2025. Unlike many take-private targets, Skechers was not a distressed brand. The footwear company had a strong global presence, steady international growth, and a loyal customer base. However, public market investors increasingly questioned its long-term margin profile, especially as freight costs, promotional intensity, and competition from premium and low-cost footwear brands intensified.

In May 2025, 3G Capital announced a deal to acquire Skechers and take the company private. The transaction valued the company at approximately $9.4 billion and closed later in the year, leading to Skechers’ delisting from the New York Stock Exchange. Management remained in place, signaling continuity rather than a radical overhaul.

For Skechers, going private was about control and long-term planning. The company can now invest more aggressively in international markets, supply chain optimization, and direct-to-consumer channels without worrying about short-term earnings volatility.

The office supplies sector has been under pressure for years, and ODP Corporation—the parent company of Office Depot and OfficeMax—was no exception. The shift to remote and hybrid work has permanently reduced demand for traditional office products, while competition from e-commerce platforms has eroded pricing power. As a public company, ODP struggled to convince investors that it could reinvent itself fast enough.

In 2025, Atlas Holdings acquired ODP Corporation in a transaction valued at approximately $1 billion, taking the company private. Atlas Holdings has a long track record of developing complex, operationally intensive businesses and restructuring them outside the glare of public markets. Its portfolio spans manufacturing, logistics, paper, and distribution—industries closely aligned with Office Depot’s supply chain.

The Vitamin Shoppe’s path to privatization was shaped by financial distress rather than strategic repositioning alone. The specialty supplements retailer was owned by Franchise Group, which filed for bankruptcy in 2025 after struggling with debt and weakening performance across its portfolio. While The Vitamin Shoppe retained brand recognition and a loyal customer base, it required operational stability and focused ownership to survive.

Private equity firms Kingswood Capital Management and Performance Investment Partners acquired The Vitamin Shoppe, taking it private as part of a broader restructuring. The acquisition separated the retailer from its troubled parent and gave it a fresh balance sheet and leadership focus.

Claire’s represents the clearest example of how bankruptcy and privatization have become intertwined in modern retail. The teen accessories retailer had struggled for years with declining mall traffic, shifting fashion trends, and high lease costs. By 2025, its North American business entered bankruptcy proceedings, raising questions about the brand's future.

An affiliate of Ames Watson agreed to acquire Claire’s North American business out of bankruptcy. The deal included the brand’s intellectual property and its remaining store network across the United States and Canada. Private ownership provides Claire’s with the opportunity to reduce its footprint, focus on profitable locations, and rebuild its merchandising strategy for a new generation of consumers. While the brand faces an uphill battle, the acquisition provides an opportunity to reinvent itself rather than disappear entirely.