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PlanetRx.com, Inc. is abandoning plans to sell only specialty drugs—and instead will present a plan for liquidation to shareholders.
First PlanetRx.com 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 GreatDomains.com web site.
Michael Beindorff, chairman and CEO said, "After months of deliberations and evaluations, PlanetRx.com`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 PlanetRx.com`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.