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Arcadia Selling Pharmacy Operations

December 29 2011

Arcadia Resources Inc. (OTCBB: KADR.PK), an Indianapolis-based home care, healthcare staffing firm and pharmacy services provider, reported it struck a deal to sell its non-staffing pharmacy operations to Walgreen Co., according to a filing this month with the U.S. Securities and Exchange Commission.

President and CEO Marvin Richardson will no longer be employed at Arcadia, according to the filing. Plans call for him to be employed by the buyer and serve as manager of the pharmacy operations. Richardson joined the company in 2008 when it purchased the PraireStone Pharmacy operations. Richardson has previously held management positions at Walgreen Co. as well as Rite Aid, according to the company’s 10-K filing.

The company voluntarily delisted from the American Stock Exchange on Sept. 6. In its last quarterly filing, the company said its pharmacy segment had incurred significant operation losses.

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