 | |
| 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 a digital pharmacy retail company founded in 2017 by Marg Patel.
History
Medly Pharmacy was firstly founded by Marg Patel when his life experiences taught him about the problems and inefficiencies about health and medical care. Due to this, he founded the company to leverage innovative technology to modernize pharmacy of the future. [1]
On December 16, 2020, Medly opened their three-story headquarters in Bushwick, Brooklyn, New York. [2]
Throughout most of 2022, Medly started to struggle a lot, by losing a lot of money, 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. [3]
On December 9, 2022, Medly filed for Chapter 11 bankruptcy protection. [4]
On February 9, 2023, Medly announced it would sell all remaining assets to Walgreens, and would shut down all remaining stores and operations after 6 years. [5]
References
- ^ "Marg Patel founding Medly". Retrieved December 12, 2022.
- ^ "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.
- 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)