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.
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