Longtime Florida Pharmacy Files for Bankruptcy Amid Financial Struggles

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Pharmacy Care, a Wilton Manors-based pharmacy operating under the name The Medicine Shoppe, has filed for Chapter 7 bankruptcy, marking the end of over two decades of business. The pharmacy, which has nearly a dozen locations, including seven in South Florida, petitioned for liquidation on August 19, 2024, in the U.S. District Court for the Southern District of Florida.

According to the bankruptcy filing, Pharmacy Care lists over $1.6 million in debt with assets totaling just over $70,000. The filing was made by the pharmacy's owner, Lynn T. Williams.

Details of the Bankruptcy Filing

Pharmacy Care's largest debts include a $147,000 loan from the U.S. Small Business Administration, $94,000 owed to Regions Bank, and supplier debts of $47,000 to Smith Drug Co. and $45,000 to Amerisource Bergen Drug Co.All liabilities listed in the filing are classified as unsecured claims, meaning there is no collateral backing the debts.

The pharmacy's assets primarily consist of office equipment and medical supplies, with just over $1,300 in accounts receivable and approximately $600 in a Regions Bank checking account.

Financial History of The Medicine Shoppe

Founded in 1999, The Medicine Shoppe has been a fixture in a small retail plaza at 1905 N. Andrews Ave. Despite its long-standing presence, the company has faced financial challenges in recent years. According to the Chapter 7 petition, the pharmacy has generated $1.2 million in revenue so far this year, following $655,000 in revenue last year and $1.1 million in 2022.

Next Steps

With the filing of Chapter 7 bankruptcy, the company will liquidate its assets to repay creditors. Brian J. Cohen, the attorney representing The Medicine Shoppe, was not immediately available for comment regarding the bankruptcy proceedings.

As The Medicine Shoppe closes its doors, the case reflects broader challenges facing independent pharmacies as they navigate rising costs and competitive pressures in the healthcare industry.