SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) September 19, 1997
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Phar-Mor, Inc.
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(Exact name of registrant as specified in its charter)
Pennsylvania 0-27050 25-1466309
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(State or other jurisdiction (Commission (I.R.S Employer
of incorporation) File Number) Identification No.)
20 Federal Plaza West, Youngstown, Ohio 44501-0400
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(Address of principal executive office) (Zip code)
Registrant's telephone number including area code (330) 746-6641
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(Former name or former address, if changed since last report)
Exhibit Index appears on Page 4<PAGE>
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Item 5. Other Events.
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On September 19, 1997 Phar-Mor, Inc. (the "Company") announced that
Robert M. Haft ("Haft") has resigned as Chairman and Chief Executive Officer
of the Company and Linda Haft has resigned as a director of the Company.
Both departures were expected following the consummation of a transaction
involving Haft and Avatex Corporation ("Avatex") (formerly FoxMeyer Health
Corporation).
The press release issued by the Company with respect to Haft's departure
annexed hereto as Exhibit 99.1, is incorporated in its entirety by reference
in response to this Item 5.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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c) Exhibits
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99.1 - Press Release
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Phar-Mor, Inc.
Date: September 23, 1997 By:/s/ M. David Schwartz
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M. David Schwartz
President and Chief Operating
Officer
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INDEX TO EXHIBITS
FORM 8-K
Exhibit
99.1 - Press Release
[PHAR-MOR LOGO HERE] Phar-Mor, Inc.
20 Federal Plaza West
P.O. Box 400
Youngstown, Ohio 44501-0400
330-740-2020
330-740-2985 FAX
NEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWSNEWS
FOR IMMEDIATE RELEASE
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PHAR-MOR PRINCIPAL SHAREHOLDER CONCLUDES TRANSACTION
RESOLVING OWNERSHIP ISSUES
YOUNGSTOWN, OHIO, SEPTEMBER 19, 1997 - Phar-Mor, Inc. (NASDAQ:PMOR)
announced today that Robert M. Haft has resigned as Chairman and Chief
Executive Officer of Phar-Mor. The Company also announced that Linda Haft has
resigned as a director of Phar-Mor.
Both departures were expected following the consummation of a transaction
announced late last month involving Mr. Haft and Avatex Corporation
under which Avatex acquired 3,750,000 Phar-Mor shares from Hamilton Morgan
LLC, an entity that was previously jointly owned by Avatex and Mr. Haft.
Avatex now beneficially owns 39.4% of Phar-Mor's common stock or 4,795,935
shares.
As a result of Mr. Haft's resignation, the Company will record a pre-tax
charge of approximately $4.6 million reflecting Mr. Haft's severance benefits.
Phar-Mor is a retail drug store chain with 104 stores in 19 states with
annual revenues of approximately $1.1 billion. The Company's common stock is
traded on the NASDAQ National Market under the symbol "PMOR".
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Contact: Gary Holmes
(212) 484-7736
