Walgreens is exploring a deal that would take the company private, a move with numerous implications, Reuters reported this week.

Going private would take the company out of the public eye and make it easier to focus more on in-store health services, allowing it to better compete with CVS Health, reporters Ally Marotti and Abdel Jimenez reported for the Chicago Tribune.

Walgreens, based in Deerfield, Ill., has been a public company since 1927. That means it’s had to answer to shareholders and follow regulatory reporting requirements.

"The real driver are the wellness initiatives. The public markets are not patient enough to wait for them," Soo Romanoff, a Chicago-based analyst for Morningstar, told the Tribune. "The company’s theory is that we will go private and hone in a lot of the data that goes into those programs instead of rushing the process."

Walgreens currently is attempting to cut costs by up to $1.8 billion annually. It has laid off workers and announced plans to close 200 of its 18,750 stores.

If Walgreens does go private, Lawrence Officer, an economics professor at the University of Illinois at Chicago, told the Tribune that "workers are probably not going to gain … Usually, when someone wants to take over a company … they think they can do a better job of management and that doesn’t mean they’re going to expand."