use warnings;
use strict;

while (<DATA>) {
    s/[|]+/|/g;
    print;
}

__DATA__
IFB Northpole||| Alaska||| 907-555-5555
Walmart||| Fairbanks||| Alaska
Chicken||| Anchorage||| Alaska||| 907-555-5555
Beef||| Somewhere|||||Over the Rainbow|||907-555-5555