PlanetRx.com Plans to Liquidate Assets

The board of PlanetRx.com (PLRX) approved a plan to liquidate the company's assets, including the distribution center in Memphis, Tenn.

The Internet health care company tentatively scheduled a June 12 meeting for shareholders to vote on the plan. In recent weeks, the company has listed several domain names for sale.

"After months of deliberations and evaluations, PlanetRx.com's board of directors has concluded that a plan of liquidation presents the best option to preserve remaining shareholder value," the company said in a press release. "Therefore, it is in the best interest of our shareholders to develop a plan for the disposition of PlanetRx.com's assets in an orderly and efficient manner.''

The company's management is working with its attorneys, accountants and financial advisers to draft a plan of liquidation to present to the board for approval.

Earlier this year, the company's shares began trading on the over-the-counter bulletin board after being delisted from the Nasdaq National Market.

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