Summary

Phar-Mor, Inc. was a deep-discount store that had substantial growth in a short period of time. It started with 15 stores and grew to over 310 stores in thirty two states between 1985 and 1992. At first Phar-Mor was seen as a major prospect in the retail market. With sales of over $3 billion and growing, Phar-Mor's success even worried some of the biggest retail giant, including Wal-mart. The president, founder, and COO of Phar-Mor was Mickey Monus, who became quite extravagant with his money as Phar-Mor grew. The key to the company's success was "power buying" a phrase coined by Mr. Monus, it was a practice of stocking up on products when suppliers where offering rock-bottom prices. After using this "power buying" strategy Phar-Mor then sold the products at deep discounts, beating any competitor's prices. This practice was indeed a key practice that attracted many price conscious consumers and led to the company's rapid success. However, the deep discount prices......

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Title: Phar-Mar Inc. Accounting Scandal
Approximate Word Count: 2262
Approximate Pages: 10 (250 words per double-spaced page)

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1. Phar-Mar Inc. Accounting Scandal
   

   Phar-Mar Inc. Accounting Scandal. Summary Phar-Mor, Inc. was a deep-discount
   store that had substantial growth in a short period of time. ... ...