Pharmacy chain files for bankruptcy; will continue operating
OZARK, Mo. (AP) _ A pharmacy chain based in southern Missouri is filing for bankruptcy.
Family Pharmacy, owned by state Rep. Lynn Morris, plans to continue operating it’s 20 retail pharmacies, two long-term care pharmacies, and a specialty pharmacy while it works to sell most of its assets to Smith Drug Company.
A news release sent Monday says Family Pharmacy secured a $2 million loan from Smith so it could continue operating its businesses.
The Springfield News-Leader report s the company owes at least $30.4 million to three major creditors.
Morris said in a statement that the filing would ultimately be best for Family Pharmacy’s customers and employees.
Family Pharmacy’s has its corporate headquarters, a warehouse and a leased billing office in Ozark. The company opened in 1977.