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) May 20, 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 44501-400
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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 May 20, 1997 Phar-Mor, Inc. (the "Company") announced the promotion of
Sankar Krishnan to Senior Vice President and Chief Financial Officer of the
Company, effective June 12, 1997. Mr. Krishnan joined the Company in 1993 as
Vice President and Controller, previously having served as Chief Financial
Officer of Lord and Taylor and Macy's-Bamburger's and as a member of Macy's
leveraged buyout group.
Mr. Krishnan succeeds Daniel J. O'Leary who, on May 13, 1997, terminated
his employment with the Company effective June 12, 1997, claiming a reduction
in his position "below the level of a senior officer." The Company intends to
seek binding arbitration to resolve any such contractual issues.
The press release issued by Phar-Mor with respect to Mr. Krishnan's
promotion and Mr. Leary's resignation, 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: May 29, 1997 By:/s/ M. David Schwartz
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M. David Schwartz
President and Chief Operating Officer
Date: May 29, 1997 By: /s/ John R. Ficarro
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John R. Ficarro
Senior Vice President, Secretary and
General Counsel
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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, INC. APPOINTS SANKAR KRISHNAN AS SENIOR VICE PRESIDENT
AND CHIEF FINANCIAL OFFICER
YOUNGSTOWN, OHIO, MAY 20, 1997 - Phar-Mor, Inc. (PMOR:NASDAQ) announced
today the promotion, effective June 12, 1997, of Sankar Krishnan to Senior
Vice President and Chief Financial Officer.
Robert Haft, Chairman and Chief Executive Officer stated: "Mr. Krishnan
has been a tremendous resource to Phar-Mor and his new challenge is to help
take our company to a higher level of success and profitability."
Mr. Krishnan joined the company in 1993 as Vice President and Controller.
He has previously served as Chief Financial Officer of Lord and Taylor and
Macy's-Bamburger's and was a member of the Macy's leveraged buyout group. He
has had extensive involvement in Phar-Mor's computer systems development,
financial restructuring, inventory management and pharmacy programs. Mr.
Krishnan, 50, has a Bachelor's of Technology degree from the University of
Madras, India and a Master's degree in Applied Science from the University of
Waterloo, Ontario, Canada.
Mr. Krishnan succeeds Daniel J. O'Leary who, on May 13, 1997, terminated
his employment effective June 12, 1997 claiming a reduction in his position
"below the level of a senior officer." The Company intends to seek binding
arbitration to resolve any such contractual issues. Mr. Haft commented: "Dan
O'Leary shared his extensive knowledge of drug store retailing, guided our
financial affairs including successfully emerging from bankruptcy and going
public, provided direction and leadership, and has been a valuable member of
our team. We appreciate his efforts and wish him well in any future
endeavor."
Phar-Mor, Inc. is retail drug store chain with 103 stores in 18
states. 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
