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| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1282 |
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It is hard to surely say why Mickey Monus didn’t stop. Probably, he was too confident in himself. He thought that he can do everything because he founded Phar-Mor, or he didn’t realize how much harm his actions can cause.
In order to compete with Wal-Mart and other major discount-retailers, Phar-Mor cut its prices so low that the stores wouldn’t make profit anymore...
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When Mickey Monus found out about this news, instead of revealing his losses, he decided to use “creative accounting†to buy some time. The fraud was revealed by one of the investors who happened to be the owner of a travel agency that got a check from Phar-Mor for services that were not related to the course of the Phar-Mor’s business...
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