Medly Pharmacy
 | |
| Industry | Retail |
|---|---|
| Founded | 2017 |
| Defunct | 2023 |
| Fate | Bankruptcy, acquired by Walgreens |
| Headquarters | Bushwick, Brooklyn, New York, United States |
Number of locations | 11 |
| Products | Pharmaceuticals, drugs |
Medly Pharmacy was an American digital pharmacy retail company founded in 2017 by Marg Patel.
History
[edit]On December 16, 2020, Medly opened its three-story headquarters in Bushwick, Brooklyn, New York.[1]
Throughout most of 2022, Medly was losing money, resulting in its laying off more than half of its staff members and closing most of its retail stores. Former employees stated that Medly's decline and collapse was because the company grew too quickly.[2]
On December 9, 2022, Medly filed for Chapter 11 bankruptcy protection.[3]
On February 9, 2023, Medly announced it would sell all remaining assets to Walgreens, and would shut down all remaining stores and operations after six years.[4]
On September 12, 2024, Medly Health Inc’s. co-founder and former CEO Marg Patel, former CFO Robert Horowitz, and former Head of Rx Operations Chintankumar Bhatt were charged by U.S. Securities and Exchange Commission for defrauding investors in connection with capital raising efforts that netted the company over $170 million.[5]
References
[edit]- ^ "Medly Pharmacy opens their new Brunswick headquarters". December 16, 2020. Retrieved December 12, 2022.
- ^ "Medly set out to disrupt the pharmacy industry. Instead it burned through money and laid off more than half its staff as its business crumbled, leaving patients in the dark". Business Insider. November 29, 2022. Retrieved December 12, 2022.
- ^ "Digital pharmacy setup Medly files Chapter 11 bankruptcy". December 12, 2022. Retrieved December 12, 2022.
- ^ "Medly sells assets to Walgreens for $19.35M". Drugstore News. February 9, 2023. Retrieved February 22, 2023.
- ^ "SEC Charges Three Former Executives of Pharmacy Startup Medly Health Inc. with Defrauding Investors". U.S. Securities and Exchange Commission. September 14, 2024. Retrieved September 17, 2024.
- 2017 establishments in New York (state)
- American companies established in 2017
- Pharmacies of the United States
- Retail companies established in 2017
- Bushwick, Brooklyn
- Companies based in Brooklyn
- Companies that filed for Chapter 11 bankruptcy in 2022
- Retail companies disestablished in 2023
- 2023 disestablishments in New York (state)
- Corporate scandals