Retail giant Wesfarmers reportedly abandoned a rescue deal for Priceline Pharmacy’s largest franchisee, Infinity Pharmacy Group, at the last hour. More than 50 stores operated by the group were placed into receivership in December, with creditors now owed more than $400 million.
Wesfarmers, owner of major chains like Kmart and Bunnings, acquired Priceline Pharmacy operator Australian Pharmaceutical Industries in a $774 million deal in 2022. This saw it take control of the Priceline chain, along with its drug wholesaling arm.
It’s now been revealed that Wesfarmers was close to providing an…