More than 30 Priceline pharmacies across Australia could close as a rescue deal to bail out its largest franchisee has reportedly fallen through.
Retail giant Wesfarmers has reportedly walked away from a rescue plan for Priceline’s largest franchisee – Infinity Pharmacy Group – which owes more than $400m.
The Australian conglomerate that owns Bunnings and Kmart acquired Priceline operator Australian Pharmaceutical Industries (API), in a $774m deal in 2022.
While Wesfarmers does not directly own Infinity Pharmacy Group, it is the parent company of the Priceline banner, which Infinity was a major franchisee for.
Wesfarmers was set to inject equity into Infinity Pharmacy group before abruptly ending the arrangement the week before…