Hi and welcome to Orchid Board
I would agree that it sounds like the onset of rot.
I have not had any luck when I've bought grocery store Phals in moss, even when i've tried repotting them imediately. These days I only buy from the grecery store if they are in bark, I just don't trust those in moss since the only phals I've ever had die are the four I bought in moss from the grocery store and none of them lasted long (all the grocery store ones in bark, and I have quite a few of them, are still fine and healthy).
I've also seen roots that looked green in the moss die very quickly when they went in to the bark... but another bought at the same time that I left in the moss died even quicker
But none of that helps you save this one. I think the best thing is to make sure it is in the smallest possible pot. It should be in one just big enough to hold the roots, if it is bigger you will find a problem with the bark not drying quickly enough. When I inherited one that already had root rot (had been potted by a relative in a
massive pot and a medium which was far too dense), I found the ONLY way to get it to start rooting again was to have it in a teeny tiny pot (with an larger outer pot to stop it toppling over because the leaves were far too big for the tiny pot). This meant I could water regularly and it would dry really quickly, allowing plenty of air flow to the roots. The old roots still died but it put out new ones and is now doing quite well.