March 30, 2001, 12:00 AM

PlanetRx will liquidate assets, Inc. is abandoning plans to sell only specialty drugs—and instead will present a plan for liquidation to shareholders.

First Inc. said it would abandon the mass prescription drug market in favor of high-priced specialty drugs. Not it’s dropping out of that plan as well and is planning to liquidate. The board of directors authorized a liquidation plan to be submitted for shareholder approval at a company meeting tentatively scheduled for June 12. The company plans to liquidate all assets including the company`s distribution center in Memphis. The company is also selling several of its domain names at the web site.

Michael Beindorff, chairman and CEO said, "After months of deliberations and evaluations,`s Board of Directors has concluded that a plan of liquidation presents the best option to preserve remaining shareholder value. Therefore, it is in the best interest of our shareholders to develop a plan for the disposition of`s assets in an orderly and efficient manner."

PlanetRx ceased its online retail drugstore operation earlier this month. That followed an announcement in February that the company would sell only high-margin specialty drugs for serious chronic disease.

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