GRAND RAPIDS, Mich. (WOOD) - Kentwood Pharmacy has filed for bankruptcy more than a week after federal raids led the company to close.
The pharmacy listed $10 million to $50 million in debts and somewhere between $1 million and $10 million in assests, according to documents in U.S. Bankruptcy Court.
The company filed Wednesday under Chapter 7, which means its assets will be liquidated and distributed to creditors.
The document identifies Kim Mulder as the pharmacy's Chief Executive Officer, but it was signed by his wife, Joan Mulder, who is listed in state records as the owner. Federal agents say Mulder, a convicted felon, ran day-to-day operations. Former employees have told 24 Hour News 8 that they rarely saw his wife.
Among the more than 80 creditors are banks, drug companies, the city of Grand Rapids, the state and the IRS. A meeting of creditors is scheduled for December 7 at the Ledyard Building in Grand Rapids.
Federal agents raided the pharmacy's main offices and packaging center, both on 44th Street SE in Kentwood, and its pharmacies on Nov. 2, alleging the company was repackaging and re-using old medication returned from nursing homes and other care facilities.
Three days later, the company shut down its MidTowne and Eastgate pharmacies in Grand Rapids, as well as its mid-Michigan pharmacies in St. Louis and Alma.
Since the shutdown, the pharmacy has kept a "skeleton staff" to conduct an inventory believed to be more than $1 million, to help customers transfer prescriptions to other pharmacies and to help collect more than $3.5 million that Kentwood Pharmacy is owed, court records show
The interim trustee, Thomas A. Bruinsma, has asked the bankrupcty court to allow him to operate the pharmacy on a "limited" to continue helping customers find other pharmacies, to collect outstanding payments and help with the final shutdown of the business.
U.S. Bankruptcy Judge James D. Gregg agreed, allowing the trustee to run the business until Nov. 30.
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