Paragon Care has expressed its surprise and disappointment at the recent collapse of the Infinity Retail Pharmacy Group, which saw 54 pharmacies placed into receivership and administration by Wesfarmers Health. This development caught Paragon Care off guard as the company had been working closely with Infinity Group to establish a payment and debt restructuring plan.
Paragon Care’s Response
The appointment of receivers was made without prior notification to Paragon Care. The company, which supplies medical equipment and consumables across Australia and New Zealand, is now focused on managing its exposure to the situation.
Collaboration and Future Steps
- Paragon Care intends to fully cooperate with the appointed receivers and administrators.
- The aim is to facilitate an orderly sale or recapitalization of the Infinity Group.
- This cooperation will also seek to maximize returns for creditors impacted by the pharmacy group’s financial troubles.
Despite the challenges posed by this unexpected turn of events, Paragon Care remains committed to supporting the resolution process. The company is diligently working with all relevant parties to secure the best possible outcome while mitigating any additional impact on its operations.
Impact on the Healthcare Market
The financial difficulties faced by the Infinity Retail Pharmacy Group highlight vulnerabilities within the healthcare market. Paragon Care’s focus on safeguarding its interests while aiding in the recovery of the Infinity Group illustrates the interconnectedness of stakeholders in the sector.
As Paragon Care navigates this complex situation, its dedication to finding solutions emphasizes the importance of collaboration in overcoming financial crises within the healthcare industry.
