Business Journal Classic: How Phar-Mor Came Tumbling Down

YOUNGSTOWN, Ohio – The “Extra” edition of The Business Journal dated Jan. 20, 1994, represents the first and only time that the newspaper has released an edition outside its normal publication schedule.
The contents of the “extra,” which contained no paid advertising, more than warranted the treatment. It offered a word-for-word printing of the federal examiner’s summary of the investigation into Phar-Mor Inc., including charts detailing the relationships between the many players and entities.
U.S. Trustee Scott Michel requested the hiring of an examiner as part of the Chapter 11 bankruptcy that Phar-Mor filed Aug. 17, 1992, mere weeks after it had ousted president and co-founder Michael I. “Mickey” Monus, who initially was accused of masterminding a $350 million fraud and embezzlement scheme. READ MORE

Business Journal Classic: Phar-Mor Reorganizes as Monus Goes to Prison

YOUNGSTOWN, Ohio – The cover of the MidAugust 1992 edition of The Business Journal declared ‘Phar-Fall.” It was accompanied by a photo of what appears to be an impassive Michael I. “Mickey” Monus, his face betraying no sign of the turmoil likely going on inside his head.
The story elaborated on what had only been hinted at in our August 1992 edition, which reported that Monus had been stripped of his roles as president and chief operating officer of Phar-Mor Inc. and demoted to vice chairman of the drugstore chain he had launched barely a decade earlier.
That edition’s top story – “Monus Confidant: Everyone Knew Everything” – outlined a wider-ranging conspiracy than Phar-Mor officials initially claimed. READ MORE


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Schmitt Happens: Tumultuous P. J. Schmitt Project

“Signed, Sealed, Almost Delivered – Schmitt Distribution Center Is Coming to North Jackson,” declared the front-page headline of the May 1989 edition of The Business Journal. READ MORE


40 Years of The Business Journal

To commemorate our 40th year of proudly publishing The Business Journal, we’ll revisit economic development initiatives and newsmakers and ponder: What worked and what didn’t? Where are they now?
We could not foresee the changes that have taken place in the Mahoning and Shenango valleys since 1984, when the region was still reeling from Black Monday and seeking a quick-fix to move forward. READ MORE

The inaugural edition of the Youngstown Business Journal in August 1984.