A Drugstore Chain Now Files An Unexpected Bankruptcy

May 3, 2024

A drugstore chain now files an unexpected bankruptcy after listing $1 million to $10 million in liabilities in its petition.

Eastern Kentucky drugstore chain Rx Discount Pharmacy on May 1 filed for Chapter 11 bankruptcy reorganization in the U.S. Bankruptcy Court for the Eastern District of Kentucky in London.

The debtor did not specify a reason for filing bankruptcy in its petition.

The Hazard, Kentucky-based pharmacy chain listed up to $50,000 in assets and $1 million to $10 million in liabilities in its petition, reports TheStreet.

The debtor’s largest unsecured creditors include the U.S. Small Business Administration owed $500,000, Cardinal Health 110 LLC owed $485,000, QFS Capital owed $180,000 and Peoples Bank & Trust Co. owed $174,777.

Rx Discount Pharmacy opened its first location in Hazard in 1995 and added another six businesses.

In addition to the flagship pharmacy, the debtor’s other drugstore locations include Clay Discount Pharmacy in Manchester, Ky., and Rx Discount Pharmacy No. 18 in McKee, Ky.

The debtor also operates medical supply stores, including Quality Care Medical Equipment & Scrubs in Hazard, Scrub World in Lexington, Ky., Casey’s Sundries & More in West Liberty, Ky., and Credential, Insurance & Contract Specialist in Hazard.

The pharmacies offer over-the-counter medications and convenience items at value prices, vaccinations, compound medications, medical equipment, home delivery and curbside pickup.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Chain With 400 Stores Is Now Closing

Other Economy News Today

A popular Italian restaurant now announces an unexpected closure after nine years in business, according to an email sent to customers.

Italian Eatery, located in south Minneapolis, Minnesota, told its long-time customers that it planned to shut its doors.

The beloved restaurant, also known as ie, also plans to close its sister restaurant un dito, known for its Sicilian seaside street food, per The US Sun.

They have not announced a closing date but are expected to close between late May and mid-June, according to Bring Me The News.

“As we prepare to close our doors at ie and un dito, we’d like to extend a heartfelt invitation for you to join us for our final months of service,” an email to customers from Carrara $ Co. read.

“Gather with us at the table and let us reminisce over the incredible memories we’ve created together and cherish the moments shared over the past nine years.”

Italian Eatery has been a popular spot since its opening in 2016 and is known for its full-service drinks and dining near Lake Nokomis.

Un dito is a 400-square-foot space that specializes in sips and snacks or afternoon gatherings like you would see in Italy, according to its website.

The restaurant’s “Last Supper” reservations will be released every week and shared in weekly newsletters, according to its website.

“As always, we will continue to reserve walk-in tables at both ie + un dito for our beloved neighborhood,” the announcement read, according to the outlet.

Carrara & Co. also owns due, a focacceria and Italian market in St. Paul, Minnesota that the company calls “Italian Eatery’s spawn, aka quirky little brother,” according to its website.

Despite the Minneapolis closures, due will remain open.

“I’m pleased to inform you that all other Carrara & Co operations remain unaffected, including Due Focacceria, and we are even expanding our services,” according to a statement, reported by NBC affiliate KARE.

For more news and updates like this, opt-in for push notifications.

Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy

Market News Published Daily 📰

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter), Instagram, Facebook, or LinkedIn for daily news and updates on your favorite stories.

More Market News 📰