Published Thursday, March 7, 2002
YOUNGSTOWN
Phar-Mor discounts report of sale to drug store chainPhar-Mor will entertain any offers for a potential sale because it's required to but talk about a deal for the drug store chain is nearly in hand is untrue, a company spokesman said Wednesday.
Speculation swirled in recent days a report in Drug Store News, a trade journal, said that that Snyder, a Minnesota drug store chain, was looking to buy the Youngstown-based Phar-Mor which has a store in Hermitage.
Phar-Mor filed Chapter 11 bankruptcy on Sept. 24. Under bankruptcy law the company must entertain any offers to buy the company or its assets, said John R. Ficarro, senior vice president and chief administrative officer for Phar-Mor.
"But we're not into negotiations with anyone to sell the company or its assets,'' Ficarro said. "No deal is on track or imminent as this article says we are. Whatever anyone says about this making sense or that making sense -- the article is speculative.''