Holliston Pharmacy Firm Begins Liquidation
The Nyer Medical Group Inc. has voluntarily delisted itself from the Nasdaq stock market and intends to be completely liquidated within 90 days.
Beginning in October, the Holliston-based pharmacy operator sold its Eaton Apothecary pharmacies to Walgreen Co. The pharmacies were owned by D.A.W. Inc., a Nyer subsidiary.
The asset sales closed late last month and included a $12 million purchase price for the pharmacies, $6.6 million for inventory, $1.1 million in equipment and $71,980 in rent payments.
In a separate transaction, Nyer's management team purchased D.A.W. stock worth about $300,000 in cash and the assumption of $1.2 million in liabilities.
Nyer's complete dissolution is expected to be complete within 90 days.
The company operated pharmacies and provided pharmacy management services to nonprofit organizations in the Greater Boston area. Walgreen said it will keep "most of the pharmacies" open and employees at all 12 Eaton Apothecary locations will be offered jobs at Walgreens.
For the fourth quarter, Nyer reported a $33,338 loss compared to a $345,184 profit the prior year.
The company was warned by the Nasdaq in September that it could be delisted if its stock price did not improve.
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