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PITTSBURGH -- Giant Eagle here, CVS, Woonsocket, R.I., and several other retailers recently purchase the assets of the Phar-Mor discount drug store chain in a $141 million sale, according to published reports.
Effectively ending the story of the biggest player in the once flourishing deep discount drug business, Phar-Mor, Youngstown, Ohio, will close its remaining 73 stores as a part of the sale.
The pharmacy files in approximately 71 Phar-Mor locations have been liquidated, according to David Peress, managing director and general counsel, Ozer Group, Needham, Mass., an asset disposition firm handling the liquidation sales alongside Hilco Merchant Resources, Northbrook, Ill. Stores are currently conducting "going out of business" sales, Peress said.
Phar-Mor executives were not available for comment. Phar-Mor filed for Chapter 11...