Illinois Pharmacy Files Chapter 7 Bankruptcy
Corwin Pharmacy, located in Lockport, Illinois, has recently filed Chapter 7 bankruptcy; the business faces several lawsuits in Will County from companies that say the drugstore owes them money. The store, which was established in 1956, is closed, displaying “space-available” signs.
According to bankruptcy documents, the pharmacy, which is owned by Walter Beich, has about $1 million in total assets, $2.6 million in total liabilities and has between 100 and 199 creditors.
From a a news report in The Herald-News by Felix Sarver, Standard Bank has a pending foreclosure case against Beich. Court records also show that Beich and his business also have two other pending cases with the same bank. Lockport Plaza Association LLC is suing Beich and Corwin Pharmacy (aka Lockport Pharmacy) for $195,685. The company alleges it entered a lease agreement with Corwin Pharmacy’s owners, and they failed to pay rent.
In another lawsuit, Masters Pharmaceutical Inc., (aka River City Pharma), is suing Beich and his company for $6,830 for allegedly failing to pay for goods, wares and merchandise. Hibu, Inc., once known as Yellow Book Inc., is suing the company, along with Debra Hostert , who is listed as a personal guarantor for the company, for $12,645 for allegedly failing to pay for advertising services.
The Herald-News article also reported that, in 2012, the drugstore was raided by federal agents and Beich was arrested on weapons charges. He was charged with possession of a firearm without a firearm owner identification card and possession of ammunition without a FOID card. Beich pleaded guilty to possession of a firearm with no valid FOID card, a Class A misdemeanor. He was fined $1,000 and given a conditional discharge of 12 months.
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