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Phar-Mor files for bankruptcy

Youngstown, OhioPhar-Mor Inc., the locally based drug store chain, will shutter 65 of its 139 stores as it restructures under Chapter 11. The retailer says the stores slated to close are either under performing or outside of its core markets.

Phar-Mor also secured a $135 million debtor-in-possession financing from Boston-based Fleet Retail Finance, its principal secured lender.

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