Wesfarmers Health CCO Richard Pearson has informed Priceline Pharmacy franchisees that receivers and administrators have been appointed for 54 Infinity pharmacies.
“As many of you are aware, we have worked tirelessly with the Infinity Pharmacy Group (Infinity) over many years to support them to trade through significant financial challenges,” Pearson said in an open letter to franchisees.
“Despite these efforts, Infinity’s failure to meet their financial obligations over a prolonged period, as well as their worsening debt position, has placed them in an untenable situation, threatening their ability to continue trading.”
Receivers and managers KPMG and administrators Teneo will now take responsibility for the day-to-day operation of the pharmacies.
Pearson stressed that the pharmacies within the Infinity group are viable, and at the end of this process should be on a more stable and sustainable footing for the future.
“To summarise, this is a difficult situation which has unfortunately become unavoidable,” Pearson said.
“We have approached this in the most prudent and responsible manner to enable a sustainable outcome for all stakeholders and especially our franchisees, who have worked to maintain the premium reputation of our brand.”
More details in tomorrow’s issue of Pharmacy Daily.
