Magazine article Drug Topics

Independents vs. Recomm: The Tale Takes New Twists

Magazine article Drug Topics

Independents vs. Recomm: The Tale Takes New Twists

Article excerpt

The plot thickened in the twisted tale of independent pharmacists' travails with Recomm International Display Corp., when the Tampa firm declared bankruptcy, a Connecticut promotions company stepped in, and NARD saddled up to help its members get legal counsel.

Recomm filed for Chapter 11 in a Florida bankruptcy court on Jan. 31, reportedly declaring liabilities of more than $100 million and assets of less than $10 million. In recent months; the company had fallen behind in rebate payments for electronic message boards and kiosks leased by about 12,000 businesses, including 4,500 veterinarians and optometrists and approximately 7,500 independent pharmacists. In the meantime, scores of pharmacists have filed lawsuits and complaints with state attorneys general, even while the leasing companies have reportedly ratcheted up their efforts to recover monthly payments on the equipment.

Shortly after Recomm waved the white flag in bankruptcy court, the firm petitioned the judge to approve a contract that would allow its operations to be taken over by In-Store Promotions Inc., a Darien, Conn., firm headed by Lewis Green, a former Recomm sales representative. If the court gives the nod, In-Store will quickly resume servicing Recomm displays with new promotion programs, said spokesman Sam Ostrow, who could not address the issue of whether pharmacists will ever be paid for overdue rebates.

"In-Store Promotions is committed to communicating with pharmacists," said Ostrow. "They want input from the field, and they will answer the phone. …

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