Medly files for bankruptcy as the once-hot pharmacy startup crumbles under mounting losses
The company has been tumbling since August, when it laid off over half its staff and closed 24 stores.Pharmacy startup Medly filed for bankruptcy on Friday after mounting losses caught up to the company that once sought to disrupt pharmacy giants like CVS and Walgreens.
Court documents show Medly may owe millions of dollars to other drug and software companies, including owing nearly $10 million to the pharmaceutical wholesaler Cardinal Health.What happened at Medly as it grew too fastin getting prescriptions delivered to patients' doors, sparing an in-person visit to a pharmacy. The business grew quickly, boosted by plenty of investor cash.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reliable insider says Twitter cut server orders by 80% after Musk's acquisitionA well-connected insider claims that Elon Musk's Twitter has cut orders for new servers significantly - here's what it means.
Read more »
Rockets insider: Defense has rough night against SpursThe Rockets seemed to lack energy from the jump in Thursday's loss to the Spurs in San...
Read more »
Insider: The Haliburton-Hield Experience brings the Pacers closer togetherTyrese Haliburton and Buddy Hield's odd couple friendship keeps the Pacers' locker room laughing and is a big part of the reason the team is so close.
Read more »
MLB Insider Says Yankees Are Team to Watch in Carlos Correa Free AgencyBuster Olney named the team to watch for the free agent shortstop.
Read more »
How to make a hiring strategy for your small businessThrough Insider's first mentorship program for entrepreneurs, which was created in partnership with IndeedBusiness, Schrei worked with Judy Nam, Indeed's vice president of SMB marketing. Here's what the duo learned and implemented.
Read more »
Take a look at the world's first 'upcycled' skyscraperInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »