A failing pharmacy has listed assets of over $1.5 million and liabilities of over $12.2 million, leading to the unexpected bankruptcy filing.
On August 29, CL Cressler Inc., the owner of seven Medicine Shoppe Pharmacy stores in New York and Pennsylvania, reorganized their debts by filing for Chapter 11 bankruptcy.
In its bankruptcy petition, the Camp Hill, Pennsylvania-based corporation listed assets of over $1.5 million and liabilities of more than $12.2 million.
They made note of the fact that unsecured creditors would have access to the available funds.
Commercial Finance Group ($6 million), Carol and Clyde Cressler ($3.7 million), and Cardinal Distribution (more than $1.2 million) are the biggest creditors of the business.
The gross revenue for CL Cressler dropped to $50.8 million in 2023 from $61.5 million the previous year.
A detailed explanation of the bankruptcy filing has not been disclosed by the corporation.
Under the guise of Care Capital Management, CL Cressler is the proud owner of The Medicine Shoppe Pharmacy in Binghamton, New York, Lancaster, Newport, and Mechanicsburg, Pennsylvania.
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Additionally, it is in charge of the Binghamton, Camp Hill, and Pittsburgh long-term care pharmacy divisions.
These seven Medicine Shoppe stores are the only ones included in the Chapter 11 filing.
One of the biggest drugstore chains in the US, Medicine Shoppe International (part of Cardinal Health) with approximately 500 sites across 43 states and no bankruptcy filings, is headquartered in St. Louis.