Chapter 11 deep discount drug chain gains bankruptcy court approval on Oct. 1 to close up to 63 of its 309 stores. The firm already has decided to close 36 unprofitable stores and will announce decisions on another 27 shortly, with a key factor being whether new individual lease agreements can be negotiated. The remaining 246 stores are either profitable or "can be turned around to become profitable," chain states. Phar-Mor filed for Chapter 11 bankruptcy on Aug. 17 ("The Pink Sheet" Aug. 24, p. 11).
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