Drug Fair Group Goes Belly Up, Sells Out

Sun Capital Partners backed drug store chain, Drug Fair Group, has filed for chapter 11 bankruptcy. The company is not planning on restructuring. Instead, the company has closed and sold the assets of 11 of its stores and has agreed to sell the remaining 32 to Walgreens. The company arranged a $40 million DIP loan to fund its operations until the completion of its transaction with Walgreens.