In Business This Week
PHAR-MOR'S HOME RECOVERS SOME PRIDE
When the Youngstown (Ohio) area had little else to boast of, at least people there could point to Phar-Mor, the fast-growing discount drugstore chain. Then it turned out that Phar-Mor's president, Michael Monus, and three associates had allegedly plundered at least $10 million from the company. Shortly after that revelation, the company filed for Chapter 11.
Caught in the financial fallout, along with hundreds of employees, was the Ladies Professional Golf Assn. Phar-Mor canceled its sponsorship of two LPGA tournaments, including one in Youngstown. But now, Youngstown is back on the LPGA calendar. Four local companies and two government agencies have pitched in to sponsor the $500,000 Warren Youngstown LPGA Classic, scheduled for sometime next July.EDITED BY HARRIS COLLINGWOOD