In Brief: Phar-Mor
This article was originally published in The Tan Sheet
Executive Summary
Phar-Mor: Major creditor groups of the drug chain have agreed to a previously reported Chapter 11 reorganization plan that would give former Dart Group and Crown Books President Robert Halt a 30.8% equity stake in return for a $30 mil. investment in the company ("The Tan Sheet" May 1, p. 18). If the plan is confirmed at a hearing in July, Haft would become chairman and CEO of Phar-Mor. The Youngstown, Ohio-based deep-discount chain expects to emerge from Chapter 11 "later this summer" with 102 profitable stores and with plans to open an additional 35 stores over the next four fiscal years...