The (Ludicrous) Fall of Phar-Mor | Failing to Do Math and Playing Basketball | History in the Dark

Phar-Mor opened their doors in 1982 and was founded by Michael "Mickey" Monus and David Shapira. For a time, it seemed as if the chain would be able to overtake even the likes of Walmart do to their aggressive sales strategies that saw many things sold at far cheaper prices than at competitors. However, while the company's statements showed a high amount of growth and profit, the truth was they'd be losing money on the scheme and simply lied about the state the company was in. Also, Monus embezzled a bunch of money into his own Minor League Basketball organization. Yes, really.

🚂 Further reading 🚂
https://tedium.co/2021/05/14/phar-mor-retail-history/
https://www.encyclopedia.com/books/politics-and-business-magazines/phar-mor-inc
https://en.wikipedia.org/wiki/Phar-Mor

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