Berkeley, Calif. Health-and-wellness retailer Elephant Pharm announced Tuesday that it has closed its stores and will seek liquidation under Chapter 7 of the U.S. Bankruptcy Code.
The company, which combined traditional pharmacy services with holistic remedies, had three stores (in Berkeley, San Rafael and Walnut Creek, Calif.), and employed about 190 people.
In a statement, Elephant Pharm CEO Kathi Lentzsch said, "The company has been burdened with obligations that were quite difficult for a company of our size to carry. The current management team and board of directors worked diligently to grow the company to a size that could bear these obligations, but due to the current economic conditions and the tightening of the credit market, it has not been possible to raise the capital required to continue the business.”
During the past year, Elephant Pharm closed a Los Altos, Calif., location and downsized its corporate staff.