Is Pharmaca going out of business? No doubt, Pharmaca is a household name in the U.S. wellness and clean beauty industry. The brand has long stood as an icon for merging health and holistic care, offering more than just medications.
From a diverse range of premium beauty brands to the assurance of expert advice from a staff versed in both traditional and alternative medicine, Pharmaca was more than just a store – it was an experience.
However, recent happenings to the company have raised concerns in the industry, making many wonder, “Is Pharmaca going out of business?” If this is also the question in your heart, then keep reading this post.
Here, we will take a moment to dive into the recent happenings with Pharmaca to help you get answers to the prominent question: Is Pharmaca going out of business? Keep reading!
Is Pharmaca Going Out of Business?
The unfortunate answer is yes. Pharmaca is no longer in business. In the earlier months of 2023, the brand decided to shut down business as it closed down its stores in the United States.
The brand made an announcement in February 2023, revealing that Pharmaca’s 22 physical stores would close by February 25th and its e-commerce platform by March 31st. so, if you have been a loyal customer of Pharmaca, you may need to patronize some other pharmacies because Pharmaca has gone out of business.
In a later section of this post, we will take a look at why this brand has decided to go this route. We will be doing this so you don’t just have the answer to the question, ‘Is Pharmaca going out of business?’ but the whole truth behind the decision. So keep reading!
A Quick Overview of What Pharmaca Is
Before we go ahead to see why Pharmaca has decided to close its doors and take a bow out of the market, let’s quickly consider what the company is and what it stands for.
In a market dominated by conventional pharmacies, Pharmaca emerged as a breath of fresh air, redefining the very notion of a pharmacy. Founded at the dawn of the 21st century, Pharmaca pioneered the fusion of traditional pharmaceutical offerings with holistic wellness solutions.
But it wasn’t just another health store. It was an establishment where one could find top-tier clean and natural beauty brands sitting comfortably next to classic pharmaceuticals. More than just its products, Pharmaca was about the experience. The shelves weren’t merely lined with bottles and boxes; they told a story of wellness, clean beauty, and the power of natural remedies.
Unlike your everyday pharmacies, every Pharmaca store had an ambiance similar to a wellness retreat, blending the modern with the traditional. This was further emphasized by their meticulously selected staff.
With licensed aestheticians, knowledgeable herbalists, naturopathic doctors, and a mix of homeopathic and traditional pharmacists on board, customers were assured not just of quality products but also of insightful advice tailored to their needs.
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Why Did Pharmaca Close Down: Recent Happenings with the Brand
The closure of Pharmaca was not a sudden decision. The seeds of its downfall were sown with its acquisition by Medly, a digital pharmacy start-up, in 2021.
Medly who was once a brick-and-mortar pharmacy in Brooklyn transitioned into a buzzing digital enterprise about 3 years ago. And during the recent COVID-19 pandemic, the pharmacy experienced rapid growth that shut the business into the peak.
As more and more people turned to online shopping during quarantine, Medly saw a spike in its revenues, boasting a whopping $270 million. However, with ambitions sky-high, its balance sheet narrated a different story.
The brand faced significant losses, and attempts to salvage the situation, including laying off over half of its employees and plans to close numerous stores, did not save the day.
The end result was Medly filing for Chapter 11 bankruptcy in December of the following year. This bankruptcy was what led to Pharamca’s exit from the market.
Who Bought Pharmaca?
While Medly’s misfortunes led to Pharmaca’s demise, there was still value in some of the assets. Walgreens, the pharmacy giant, acquired select Medly assets during bankruptcy proceedings.
This acquisition, amounting to $19.35 million in cash, included prescription files, inventory, and intellectual property. However, even though Walgreens did buy Pharmaca, the pharmacy revealed that it doesn’t have any intention of taking over the existing Pharmaca store locations.
What does this mean to you as a customer? It means even though Pharmaca was bought by Walgreens, the Pharmaca store in your locality may be closed for good – and never to be reopened again under Walgreens.
Who Founded Pharmaca?
Pharmaca was founded by Barry Perzow in 2000. The brand started in Boulder, Colorado, where it was envisioned as an alternative to traditional pharmacies. Perzow, leveraging his experience as the former president of Capers Natural Food Markets, recognized a gap in the market.
He believed that dissatisfaction with the conventional healthcare system presented a golden opportunity. This led to the creation of a retailer that prioritized personalized attention and alternative solutions over standard pharmaceuticals.
Will Pharamca Come Back Again?
Based on the latest news about this brand, there is no direct indication that Pharmaca will make a comeback. Medly’s financial troubles resulted in Pharmaca’s stores closing, and while Walgreens acquired select assets from Medly during the bankruptcy proceedings, they did not take over the Pharmaca store locations.
Is Pharmaca a US Company?
Yes, Pharmaca is a U.S. company. It was founded in 2000 in Boulder, Colorado. Over the years, it expanded its presence, particularly in the Western United States, with stores in various states across the country.
The company’s unique blend of traditional pharmacy offerings with holistic wellness solutions set it apart in the American retail landscape.
How Many Pharmaca Locations Are There?
Pharmaca had 28 locations when it was purchased by the digital pharmacy startup Medly in 2021. These stores spanned states like California, Washington, Oregon, Colorado, New Mexico, and Illinois.
However, with the closure announcements related to the brand’s parent company Medly’s financial issues, all of these 28 locations have closed down.
Is Pharmaca Going Out of Business – Final Note
Now you know why it’s been almost impossible to buy from your favorite Pharmaca store again. So, instead of asking, ‘Is Pharmaca going out of business?’ your likely question will now be ‘What Pharmaca alternatives near me’.
Yes, that’s because Pharmaca is no longer in business. We have taken the time to explain what really led to this, and why many Pharmaca stores in the U.S today are closed down. If you still have any more questions or concerns concerning this, don’t hesitate to drop a comment for us below. We will be glad to help!