Phar-Mor submits two new reorganization plans; Haft Group offers to buy 30.8% stake.
This article was originally published in The Rose Sheet
Executive Summary
PHAR-MOR ALTERNATE REORGANIZATION PLANS WOULD GRANT UNSECURED CREDITORS 13.8% of the company's new common stock and warrants to purchase 9.3% of the fully diluted common shares for $7 per share, Phar-Mor announced April 24. Unsecured creditors also will be paid from any proceeds the deep-discount chain receives from lawsuits it has filed, including a lawsuit against previous auditor Cooper & Lybrand, Phar-Mor said. In addition, creditors with reclamation claims will receive approximately $24.5 mil. in cash under the plan.
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Marketing In Brief
ModiFace launches forecasting tool: Toronto-based virtual makeover firm introduces ShadeCast, a makeup sampling and forecasting tool based on behavioral tracking. ShadeCast is used in conjunction with iPhone application MakeUp, which allows consumers to virtually try on makeup in hundreds of shades from brands including Revlon, Cover Girl, Lancome and Clinique. ShadeCast offers 1,000 cosmetic shades from 40 brands and assigns a ShadeScore "to approximately position the [app's] hottest and most sampled color." ModiFace exec Nikkie Gatto likens the app to radio music playlists, helping consumers "looking to capture the current look, but also provide vital market intelligence to our retail channel partners," she says in Nov. 3 release. "The value of data to demonstrate the aggregate behavior will help the industry predict the latest trends and help cosmetic manufacturers better understand the color and products which most resonate with online and iPhone virtual makeover users," the company says