Tom thumb, an Illinois pharmacy chain, announced plans Tuesday to sell its remaining pharmacies and pharmacies that supply pharmacy-related services.
Tom’s pharmacy, located at 3201 S. Broadway, will close and become part of a larger pharmacy management company called NCS Pharmacy.
The chain, which started in 2003, has about 1,000 pharmacies.
The pharmacy will close in mid-November and will close the following month, Tom’s spokesman David Lutz said.
The Tom’s website and mobile app will be unavailable, he said.
Tom’s website says it will remain open through Sept. 1, but Lutz declined to say when the chain plans to reopen.
Tom Thumb is the only Tom’s in the Chicago area, which is located at the northernmost tip of Illinois and is about a half-hour south of Chicago.
Tom thumb is one of the oldest and most successful pharmacies in Illinois, which has one of Illinois’ fastest-growing populations.
Tom Thumb has more than 1,600 locations in Illinois.
Tom was founded in 2001 by John Mancuso, who has owned the chain for about three decades.
Mancusos is now CEO of the pharmacy chain and Tom’s was bought by a company called Lending Club Inc. in 2014 for $600 million.
LendingClub had a market value of about $2.4 billion at the time, according to the U.S. Securities and Exchange Commission.
Mancos’ father, John Thumb, was the chairman of Tom’s.
Tom Thumbs pharmacy opened in 2010.
It was a pioneer in providing medication-related care, including prescriptions, supplies, and medical equipment, Lutz wrote in a news release announcing the purchase.
“We are excited to become a part of Tom Thumbs family, which includes our pharmacy, Tom Thumbing Family Health Services, and our pharmacy network,” Lutz added.
“We have been working with Tom for many years to expand our pharmacy operations, and we are looking forward to opening in Chicago.”
Tom Thumbing’s other pharmacies include the East Chicago Pharmacy and the West Chicago Pharmaceutery, which have locations in West Town, Oak Brook, Lincolnwood, and other Chicago neighborhoods.
The chain is not the first pharmacy to be bought by Lendingclub.
The company purchased the West Town Pharmacy in 2013 for about $600,000.
LendClub’s purchase of Tom Humb’s chain came after the chain was struggling financially, according the company’s news release.
Tom Humb had a strong business model, Ladd said.
It provided access to medication-specific pharmacy services, including prescription refill, pharmacy check-ups, and emergency care.
“We think that the value of Tomthumb and the Tom Humps brand is the health and safety of our customers, and that is something that the company has worked hard to achieve,” Ladd wrote in the release announcing Tom Humbs acquisition.