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Wesfarmers puts more than 50 Priceline pharmacies into receivership
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The largest Priceline franchisee, Infinity Pharmacy Group, has had half of its stores put into receivership by Wesfarmers following years of financial difficulty.
Infinity Pharmacy Group operates 120 sites nationwide, which are mostly Priceline-branded stores. Priceline’s parent, Wesfarmers, placed the 54 stores into receivership on Wednesday, but declined to state how much it was owed. This caused conflict with another creditor, listed company Paragon Care.
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PD breaking news – Administrators appointed for Infinity pharmacies
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.
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