Medly Layoffs

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Medly, a once-prominent pharmacy startup in the healthcare industry, is permanently shutting down in February 2024 after declaring bankruptcy in December 2023. The company is laying off all remaining employees as it closes its 22 pharmacies, with staff being let go by the end of the month. While the exact number of affected employees isn't specified, the shutdown follows months of financial turmoil, with Medly burning through cash due to overly rapid expansion in a competitive, low-margin sector. Its patient data and drug inventory were sold to Walgreens, which has expressed interest in hiring some former Medly staff, though no severance will be paid due to the Chapter 11 bankruptcy.

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