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PHAR-MOR FILES CHAPTER 11

Phar-Mor Inc. and some of its affiliates on Monday filed for Chapter 11 bankruptcy protection, the second time the discount drugstore chain has gone into bankruptcy court since 1992.

As part of its restructuring, Phar-Mor plans to close approximately 65 of its 139 stores over the next several weeks. It intends to operate the remaining stores, while reducing corporate costs.

The company's stores operate under the names Phar-Mor, Pharmhouse and The Rx Place in 24 states.

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