Smith Drug Company, a wholesale pharmaceutical distributor with operations in Paragould, has announced plans to shut down its facilities and sell its assets.
The company, headquartered in Spartanburg, South Carolina, is pursuing agreements to transfer its assets to one or more strategic buyers, according to a recent announcement. Smith Drug Company, a division of JM Smith Corporation, operates facilities in Spartanburg; Milton, Vermont; and Paragould.
Paula Harper Bethea, chairperson of the board and CEO of JM Smith Corporation, assured that the company intends to support its workforce during this transition. "No one will fall through the cracks in this process," Bethea said in a statement. "We are committed to working alongside our employees through this transition and ensuring they are treated with the respect and support they deserve."
The company indicated that it hopes many employees will transition to roles within the acquiring entities. Those who are not retained will receive support packages to help them through the change.
The transition of assets and closure of facilities is expected to wrap up by early 2027.
Smith Drug Company has long served as a key distributor in the pharmaceutical field, maintaining operations in several states. The closure of its Paragould facility marks a significant shift for its operations and workforce.