Ames Announces Court Approval of Caldor Store Purchase.ROCKY HILL, CT--(BUSINESS WIRE)--April 19, 1999-- Ames Department Stores, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AMES) today announced that the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of approved Ames' purchase of the operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. of the former Caldor store located on 140 Main Street in Weymouth, Massachusetts for $2.7 million. The transaction is expected to close promptly after entry of the Bankruptcy Court order. After remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling by Ames, the stores will open under the Ames name. Joseph R. Ettore, Ames' President and Chief Executive Officer, said, "This is a great opportunity for us in Massachusetts, where we currently operate 34 stores. Along with the recently purchased former Caldor store in Stoneham and the former Caldor distribution center in Westfield, our presence in this state will be significantly strengthened." With over 450 stores, including the recently acquired Hills stores and certain former Caldor sites, located in 19 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , Ames is a full-line discount retailer, with annual sales of almost $4 billion. Ames offers a broad range of merchandise categories including family apparel, housewares, domestics, electronics, ready-to-assemble and patio furniture, jewelry, craft and pet supplies, health and beauty care items, stationery, sporting goods, toys, seasonal products and more. For fax copies of Ames' most recent news releases, dial 1-800-925-7792. To find the location of the Ames store nearest you, dial 1-800-SHOP-AMES. http://www.AmesStores.com |
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