FOXMEYER ANNOUNCES DISCUSSIONS WITH PHAR-MOR, INC.
FOXMEYER ANNOUNCES DISCUSSIONS WITH PHAR-MOR, INC. DALLAS, Aug. 4 /PRNewswire/ -- FoxMeyer Corporation (NYSE: FOX) said
today that it has been in contact with the senior management of Phar- Mor, Inc., concerning the events announced earlier today by Phar-Mor.
Robert L. King, FoxMeyer's president and chief executive officer said that in discussions today with David S. Shapira, Phar-Mor's chief executive officer and Joel Arnold, acting chief operating officer, "Mr. Shapira has assured us that FoxMeyer is a valued supplier and that Phar- Mor intends to maintain the continuity of it relationship with FoxMeyer. We continue to ship product to Phar-Mor," King said. "We will remain in close contact with Phar-Mor and will continue to monitor the situation," he said. "We know Mr. Shapira and the rest of Phar-Mor's management team well, and we are confident in their ability to handle this difficult situation." For the quarter ended June 30, 1992, Phar-Mor accounted for approximately 16 percent of FoxMeyer's net sales. FoxMeyer is the nation's third largest pharmaceutical distributor. National Intergroup, Inc. (NYSE: NII) owns approximately 68 percent of FoxMeyer's common stock. -0- 8/4/92 /CONTACT: Dennis Letham of FoxMeyer Corporation, 214-446-4514/ (FOX) CO: FoxMeyer Corporation; Phar-Mor, Inc. ST: Texas IN: MTC SU:
PS -- NY060 -- 6784 08/04/92 16:03 EDT
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|Date:||Aug 4, 1992|
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