Breaking Down the Buyers: ShopKo Pharmacy Auction

As part of its efforts to emerge from Chapter 11 bankruptcy, ShopKo placed the assets of 120 of its pharmacies on the auction block, and the results are out. The assets in question included prescription files and records, pharmacy customer lists and patient profiles, in addition to inventory.

Walgreens emerged as the largest buyer, scooping up the assets of slightly more than half of the locations. In total, more than 20 drugstore and supermarket chains got in on the action. The auction follows an earlier sale of much of its pharmacy business to Kroger, Hy-Vee and CVS that netted the company close to $95M.

It’s not clear, however, that the sale will be enough to save the company. ShopKo claims that it’s happy with the approximately $54M it raised from the auction, while creditors argue that it fell short of the contribution it needed to clear satisfy its debts.

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