Last week, Kentwood Pharmacies was subjected to a raid by federal agents. Now, new sources say that was just one of the company's many worries as the organization filed for Chapter 7 bankruptcy this week Wednesday.

Usually, when a company files for Chapter 7, the organization's assets are liquidated and the company stops operations.

Kentwood Pharmacies has pharmacies in Alma and St. Louis.  Recently, federal agents conducted raids at store locations in Grand Rapids, Alma and St. Louis.  Federal agents were sent to investigate because the pharmacy was accused of taking back un-used medications and re-selling them which is illegal.

In the company's bankruptcy petition, it is revealed that the number of creditors the company has exceeded 50, but is less than 100.  It has assets ranging from $1 million-$10 million and its liabilities range from $10 million-$50 million.

If you are thinking about filing for bankruptcy in Houston, contact our firm now to set up a case evaluation with a skilled Houston bankruptcy attorney.