THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Tuesday, July 9, 1996 TAG: 9607090340
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 46 lines
Phar-Mor to remodel, reduce about 50 stores
Phar-Mor Inc. said it will renovate and reduce the size of almost half its 102 drugstores in the next two years to cut costs and improve customer service. Phar-Mor, which in 1995 emerged from three years of Chapter 11 bankruptcy protection, also said it plans to open two new stores in Pennsylvania by early next year. Phar-Mor said it will reduce the size of 40 to 50 of its stores from the current 51,000 square feet to between 35,000 and 40,000 square feet, making them more efficient and less expensive to run. Phar-Mor has locations in Norfolk, Chesapeake, Virginia Beach, Newport News and Hampton. (Bloomberg Business News)
Noland Co. sales fall 8.2% in June
Noland Co. said total sales fell 8.2 percent in June to $40.3 million from $43.9 million in the year-ago period. The decline follows two straight months of increases in April and May. For the six months ended June 30, the Newport News-based plumbing, heating, electrical and refrigeration products supplier said total sales declined 1.9 percent to $230.8 million from $235.3 million in the year-ago period. The company sells its products through 99 branches in 15 states mostly on a wholesale basis, though it does have retail stores. (Bloomberg)
GTE to offer system for directory assistance
GTE Corp. said it will introduce on Wednesday a semi-automated system for handling directory-assistance in Virginia. GTE, the state's second-largest local phone-services provider behind Bell Atlantic Corp., is adopting a system introduced by Bell Atlantic last year in which a recorded voice asks 411 callers to answer the questions ``What city?'' and then ``What listing?'' An operator listens to the responses and then automatically presses another recording of the actual number. If the caller wants to bypass the system and speak to an operator, he or she can press ``0'' or the ``
Proffitt's to purchase department store chain
Proffitt's Inc. said Monday it has agreed to buy Parisian Inc., a department store chain based in Birmingham, Ala., for $221 million. Parisian, a 38-store chain, has been struggling with heavy debt since its 1988 leveraged buyout. As part of the transaction, Proffitt's will pay Parisian shareholders about $110 million in cash and 2.9 million shares of Proffitt's common stock. The merger is expected to be completed by November. Knoxville, Tenn.-based Proffitt's has five stores in Hampton Roads. (Staff) by CNB