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EXHIBIT 99.1
For Immediate Release
PHAR-MOR, INC. ENTERS INTO $150 MILLION CREDIT FACILITY
YOUNGSTOWN, OHIO, NOVEMBER 16, 2000 - Phar-Mor, Inc. announced today that it has
entered into a $150 million senior secured revolving credit agreement with Fleet
Retail Finance, Inc., as agent, and other financial institutions, that replaces
the existing $100 million senior secured revolving credit facility with Bank of
America. The new facility is secured by all of the Company's assets except
equipment and real estate.
Phar-Mor is a retail drug store chain operating 139 stores under the names
"Phar-Mor", "Pharmhouse" and "The Rx Place" in 24 states. The Company's common
stock is traded on the NASDAQ National Market under the symbol "PMOR."
Phar-Mor's online store is accessible at www.PharMore.com and through the
Company's website at www.pharmor.com.
This release contains statements relating to future results of Phar-Mor, Inc.
and its market share in the industry (including certain projections and business
trends) that are "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. Actual results may differ materially
from those projected as a result of certain risks and uncertainties, including
but not limited to, market acceptance of merchandising concepts, changes in
political and economic conditions, demand for and market acceptance of new and
existing products, availability of new products, increased competition as well
as other risks and uncertainties detailed from time to time in the Company's
filings with the Securities and Exchange Commission.
Contact: Gary Holmes 212/484-7736
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