Wait A Minute Phar Mor Is Still KickingZachary Schiller
Last summer, Phar-Mor Inc. looked as if it would soon be no more. The Youngstown (Ohio) operator of 310 deep-discount drugstores had grown into a $3 billion dynamo in just 10 years. Then, Chief Executive David S. Shapira broke the news of a massive fraud scheme, including the falsification of Phar-Mor's books by some $350 million--all allegedly masterminded by Phar-Mor's president and co-founder, Michael I. Monus. Phar-Mor fired its auditor, Monus, and other executives, and filed for Chapter 11 on Aug. 17.
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