Walgreens Boots Alliance-backed healthcare clinic chain VillageMD is reportedly working with advisers to explore a sale, restructuring or other options. This move comes after Walgreens CEO Tim Wentworth said during a January earnings call that the company plans to divest VillageMD, Bloomberg reported Wednesday (Feb. 12). A Walgreens spokesperson told Bloomberg that Walgreens “is continuing to work toward executing its stated goal of securing an endpoint for its investment in VillageMD, consistent with Walgreens’ turnaround strategy.”

VillageMD promotes President and COO Jim Murray to interim CEO upon the departure of co-founder Tim Barry.

Tim Barry is leaving as chief executive officer of VillageMD, the clinic operator that has cost. [+] majority owner Walgreens billions of dollars in financial losses, the Chicago-based company confirmed Wednesday, November 27. Earlier this year, Walgreens Boots Alliance said it may sell its entire stake in VillageMD, which has already cost the drugstore giant billions of dollars, the drugstore giant has disclosed in the last year. Walgreens Boots AllianceTim Barry is leaving as chief executive officer of VillageMD, the clinic operator that has cost its majority owner, Walgreens Boots Alliance, billions of dollars in losses.VillageMD confirmed Wednesday afternoon in a statement that Barry “has stepped down as CEO and Board Chair.” Barry founded VillageMD in 2013, but the Chicago-based company has since struggled to fill its clinics attached to Walgreens with patients and has scaled back dramatically on the expansion of doctor practices it manages and Village Medical clinics the company opened attached to Walgreens.“The Board has appointed VillageMD Chief Operations Officer Jim Murray to serve as Interim Chief Executive Officer,” VillageMD said in its brief statement. “Effective immediately, Murray assumes day-to-day leadership responsibilities to ensure a smooth transition and continuity of care. VillageMD reaffirms its commitment to providing high-quality, accessible health care services for individuals and communities across the United States.”Walgreens earlier this year said it was looking to reduce its investment in VillageMD after billions of dollars in losses and the need to focus on more profitable ventures to turn around the drugstore chain.Reached for a comment Wednesday afternoon, Walgreens said the company looks “forward to continuing to partner with Jim Murray as he assumes day-to-day leadership responsibilities.”Murray joined VillageMD in April