It was accounting fraud. There was a very good FRONTLINE show called "How To Steal $500 Million" that goes into exacting detail on how it happened.
They needed to open new stores and had to compete with Wal-Mart, at some point they started to inflate their inventory value to make it look like they were making more money.
It all came crashing down when a whistle blower figured out the scam. Before Enron and WorldCom $500 million was a lot of cash, now its a rounding error.
The CEO, Mickey Monus, was embezzling money from the store, to found a basketball league that flopped. I was working at Phar-mor from 1990-1993, and remember the day we were all told what was really going on, in the upper echelon of the company.
I still have my name tag, and my yellow employee shirt from Phar-Mor. It was such a wonderful place to work. And even 16 years later, it still ranks as one of my most favorite jobs I'd ever had.
@jwgreek8606 Phar-Mor turned out to be one huge accounting scandal. Basically the founder, Mickey Monus, made up fake inventory numbers coming from the one unprofitable Phar-Mor he started up in Ohio to deceive investors in giving him money to open more stores. In other words, the Altamonte Springs location you're referring to was started off of illegal profits.
@MacDragard I remember that...there was a store in Hermitage, PA in those days. I am pretty sure that Mickey Monus got outta jail, and is in the old folks home.
I didn't know that was Pierce Brosnan in Noble House. I watched that movie when it came on.
TonyShow82 5 months ago
Has to be from early February 1988.
zachhoran 8 months ago
Comment removed
Diskoboy1974 2 years ago
I SUPPORT RATHER
mrmonty86 3 years ago 2
@mrmonty86 Can we text lol
Ladiespetmansthreat 8 months ago
I'd like to see some 80s "Divorce Court" episodes on the Tube.
Tubewings 3 years ago 3
divorce court I see pre emptied sale of the century in pittsburgh
knicksfan89 3 years ago
Those telepoll 900 numbers that they put on the screen was way before they've had the internet.
dgendvil 4 years ago
Divorce Court....what is the POINT? I mean they are actors and the cases are FAKE XD
Zoomer30 4 years ago
It was accounting fraud. There was a very good FRONTLINE show called "How To Steal $500 Million" that goes into exacting detail on how it happened.
They needed to open new stores and had to compete with Wal-Mart, at some point they started to inflate their inventory value to make it look like they were making more money.
It all came crashing down when a whistle blower figured out the scam. Before Enron and WorldCom $500 million was a lot of cash, now its a rounding error.
Zoomer30 4 years ago
whatever happened to Phar-mor anyway? I remember when there was a Phar-mor in Altamonte Springs (a suburb of Orlando)
jwgreek8606 4 years ago
The CEO, Mickey Monus, was embezzling money from the store, to found a basketball league that flopped. I was working at Phar-mor from 1990-1993, and remember the day we were all told what was really going on, in the upper echelon of the company.
I still have my name tag, and my yellow employee shirt from Phar-Mor. It was such a wonderful place to work. And even 16 years later, it still ranks as one of my most favorite jobs I'd ever had.
Diskoboy1974 3 years ago
@jwgreek8606 Phar-Mor turned out to be one huge accounting scandal. Basically the founder, Mickey Monus, made up fake inventory numbers coming from the one unprofitable Phar-Mor he started up in Ohio to deceive investors in giving him money to open more stores. In other words, the Altamonte Springs location you're referring to was started off of illegal profits.
MacDragard 1 year ago
@MacDragard I remember that...there was a store in Hermitage, PA in those days. I am pretty sure that Mickey Monus got outta jail, and is in the old folks home.
newstarcadefan 10 months ago