Ceremony Assist is negotiating with collectors over the phrases of a chapter plan that would come with liquidating a considerable portion of its greater than 2,100 drugstores, the Wall Road Journal reported Friday, citing folks acquainted with the talks.
The corporate has proposed to shut roughly 400 to 500 shops in chapter, and both promote or let collectors take over its remaining operations, in accordance with the report.
Given the conversations stay ongoing, no choices have been made presently, Ceremony Assist mentioned.
The Philadelphia-based firm faces greater than $3.Three billion in debt and over a thousand federal lawsuits alleging it oversupplied opioids, the Journal reported. The corporate operates greater than 2,330 shops in 17 states, though it’s a lot smaller than rivals akin to Walgreens Boots Alliance and CVS Well being.