Business Services Industry
Wisconsin's ShopKo, Ohio's Phar-Mor Plan $1 Billion Merger.(Originated from Milwaukee Journal Sentinel)
Knight Ridder/Tribune Business News, September, 1996 by Hajewski, Doris
Sep. 10--ShopKo Stores Inc., the Green Bay discount retailer, plans to merge with the newly reorganized Phar-Mor drugstore chain in a $1 billion deal that promises to shake up ShopKo's quiet Midwestern culture.
Both ShopKo and Phar-Mor, which emerged from Chapter 11 bankruptcy last year, will become part of Cabot Noble Inc., a newly created publicly traded holding company whose chairman will be based in New York City or Washington, D.C.
In the merger, ShopKo and Phar-Mor will retain their names and identities. Dale P. Kramer will remain chief executive officer of ShopKo, while David Schwartz will continue as president of Phar-Mor, based in Youngstown, Ohio. Schwartz and Kramer will report to Robert Haft, the Phar-Mor CEO who will become chairman of Cabot...
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