Phar-Mor's everyday low prices are about to sink like a stone as the Youngstown-based retailer counts down its final days of existence by conducting liquidation sales at 54 of its 73 stores.
The sales begin this weekend and will involve about $100 million in inventory, according to the group of companies that acquired Phar-Mor's assets in bankruptcy court this week.
Among that group is the Giant Eagle supermarket chain, which will acquire the inventory of Phar-Mor's Youngstown warehouse, as well as the pharmaceutical inventory and customer data of 27 stores in the Pittsburgh area and Ohio.
Eckerd Corp. and CVS Corp. have bought the pharmacy resources of another 27 stores, while prescription files from 19 other stores remain for sale.
The liquidations will be conducted by The Ozer Group of Needham, Mass., and Hilco Merchant Resources Inc. of Northbrook, Ill.
"With top brands at steeply discounted prices, we don't expect this sale to last very long," said Cory Lipoff, executive vice president of Hilco Merchant Resources.
Ozer spokesman James Harder says most liquidations last two to four weeks.
"With other sales the Ozer Group has been involved in, such as Service Merchandise, the first couple days you see a high volume of people," he said.
The sales start out with discounts of about 10 percent and increase as inventory dwindles.
Phar-Mor pharmacy customers are being told they can expect a seamless transition of their prescription files from Phar-Mor to Giant Eagle, Eckerd or CVS.
The following stores are closing in southwestern Pennsylvania: 12 Federal Drive in Penn Hills; 7900 McKnight Road in the North Hills; 3739 William Penn Highway in Monroeville; Great Southern Shopping Center in Bridgeville; 1789 South Braddock Avenue in Swissvale; 3601 Saw Mill Run Boulevard in Brentwood; 270 Tarentum Bridge Road in New Kensington; 6375 Penn Ave. in Pittsburgh; 670 East Pittsburgh Street in Greensburg; 1005 Freeport Road in Fox Chapel; Route 19 in Cranberry; 5000 Oxford Drive in Bethel Park; 18000 Park Manor Boulevard in Robinson Township; 4775 Mountain View Drive in West Mifflin; 1165 McKinney Lane in Green Tree; and Morraine Point Plaza in Butler.
