Reuters: Bankruptcy News: Germany's top mail-order pharmacy files for insolvency

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Germany's top mail-order pharmacy files for insolvency Sep 26th 2012, 18:05 FRANKFURT, Sept 26 | Wed Sep 26, 2012 2:05pm EDT FRANKFURT, Sept 26 (Reuters) - Sanicare, Germany's largest mail-order pharmacy, has filed for insolvency due to problems that have arisen following the recent death of its founder and head, the company said on Wednesday. A statement said the insolvency was for the mail-order pharmacy activities of the company and would not affect the rest of Sanicare's businesses, which include the online unit. The mail-order business would be run by court-appointed administrator Ralph Buenning after the family of founder and former head Johannes Moenter filed for insolvency on Sept. 25 with the court in Osnabrueck city. The statement quoted Buenning as saying he was looking for an investor for the mail-order unit, which employs 342 staff. Buenning said the insolvency has arisen due to complexities of the company's organisational structure as well as uncertainties surrounding the will of Moenter, who died on Sept. 4. According to the website of the European Association of Mail Service Pharmacies, its member Sanicare holds the market leader position in Germany, with nearly 1.2 million customers in the country. It said in 2009 the Sanicare Group had sales of 427 million euros ($548.27 million), with the mail-order business alone generating 197 million euros. ($1 = 0.7788 euros) (Reporting By Marilyn Gerlach; Editing by Elaine Hardcastle) Link this Share this Digg this Email Reprints

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