Another pharmacy chain now files an unexpected bankruptcy after reporting both assets and debts of between $1 million and $10 million.
Guardian Pharmacy filed for Chapter 11 bankruptcy protection on July 29 in the United States Bankruptcy Court of the Western District of Pennsylvania.
The company also reported that it had between 1 and 49 creditors and funds would be available for unsecured creditors.
The filing names dozens of subsidiaries and related businesses that are covered by the filing.
Guardian reported owing the Pennsylvania Department of Human Services nearly $27 million.
The company also owes Highmark Blue Shield more than $3.3 million, according to the filing.
In addition to pharmacy-related services, Guardian operates elder-care facilities.
“First and foremost, the decision to pursue an in-court restructuring was made with our residents’ best interests in mind,” Chief Restructuring Officer Allen Wilen of EisnerAmper LLP, said.
“Today’s action provides the relief necessary to enable the Debtors to continue operating with an ongoing focus on resident care and safety while the Chapter 11 cases are pending and to ensure the best outcome for the Debtors, their estates, their creditors, and all other parties in interest.”
No financial plan was filed as part of its Chapter 11 bankruptcy petition, per TheStreet.
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Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy
Other Economy News Today
A massive rental company with 34k locations now shuts down its operations after filing for bankruptcy and 22 years in business.
Users of movie rental company Redbox were left saddened after it was announced that it would be shutting down operations.
The announcement comes after the rental company’s parent company, Chicken Soup for the Soul Entertainment, filed for Chapter 11 bankruptcy.
According to court documents obtained by the Washington Post, the Connecticut-based company claimed to be one billion dollars in debt.
As a result, Redbox, which was a staple of many grocery stores including Walgreens, and CVS will be shuttered.
Many fans took to social media to express how upset they were with the loss.
“I knew it was coming, sadly,” UltraVada wrote in a post on X, formerly Twitter.
“It was inevitable,” a second person mourned.
“I knew this would happen when I heard they filed for Bankruptcy but its still sad to hear. I have a lot of fun memories of Redbox,” a third person lamented.
“I still don’t think this will be or ever be the end of physical media as we do still get remasters of some movies in 4k/Bluray.”
One person revealed that they had forgotten the rental service had existed.
Some users were not surprised by the announcement.
“Not surprised since nobody really rents videos anymore with the rise of streaming and what not,” one user admitted.
“Also kinda remember getting into a feud with them on here.”
One user also pointed out that the last remaining Blockbuster, located in Bend, Oregon, managed to outlive Redbox.
Redbox was acquired by Chicken Soup for the Soul Entertainment (CSSE) in 2022 and became one of the company’s flagship video-on-demand streaming services.
At its peak, CSSE operated more than 20,000 DVD rental kiosks across the country.
The company’s filing means that the company’s more than 1,000 employees will be laid off, per The Wall Street Journal.
It was also reported by Deadline that many employees at CSSE hadn’t received their paychecks and had medical benefits cut in late June.
Also Read: This Massive Mall Retailer Is Now Closing In California
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