Now! Industry Shake-Up: Another Pharmacy Chain Declares Bankruptcy

MJP –

Following the disclosure of assets and liabilities ranging from $1 million to $10 million, a different pharmacy franchise has surprisingly declared bankruptcy.

Guardian Pharmacy sought Chapter 11 bankruptcy protection on July 29 in the United States Bankruptcy Court located in the Western District of Pennsylvania.

The company also stated that it had a range of 1 to 49 creditors and resources would be accessible for creditors without collateral.

The document lists numerous subsidiary companies and related businesses that fall under its scope.

The Guardian is said to have a debt of almost $27 million to the Pennsylvania Department of Human Services, as stated by reports.

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According to the report, Highmark Blue Shield is also being owed over $3.3 million by the company.

Guardian not only offers pharmacy services but also manages residences for the elderly.

“Foremost, the choice to engage in a legal restructuring process was taken with the well-being of our residents as the top priority,” expressed Allen Wilen, Chief Restructuring Officer at EisnerAmper LLP.

The current decision offers the necessary support for the Debtors to keep functioning with a continuous emphasis on the well-being and safety of residents while the Chapter 11 proceedings are ongoing.

This will guarantee the most favorable result for the Debtors, their assets, their lenders, and all other involved parties.

According to TheStreet, no financial strategy was included in its Chapter 11 bankruptcy application.