Bradlees Announces Expiration of Tender Offer.BRAINTREE, Mass.--(BUSINESS WIRE)--July 29, 1999-- Bradlees, 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 :BRAD BRAD British Rate And Data BRAD Bidirectional Reference Array Derived BRAD Bowdoin Random Access Device :-) BRad Bachelor of Radiology ) today announced that approximately 75% of all its outstanding 9% Convertible Notes have been tendered. The Company expects to close the tender offer on August 5, 1999, following the satisfaction of certain closing conditions and the completion of the paydown of outstanding Notes with the proceeds of the previously announced sale leaseback A transaction whereby land is sold and subsequently rented by the seller from the purchaser who is the new owner. of the Yonkers, New York Yonkers is the fourth largest city in the State of New York (it falls behind New York City, Buffalo, and Rochester), and the largest city in Westchester County, with a population of 196,086 (according to the 2000 census). location. A tender offer for $14 million of 9% Convertible Notes expired earlier this week. Under terms of the offer, the Company has the option to purchase the Convertible Notes at a discount beginning December 1, 1999 and expiring January 31, 1001. Bradlees is a leading regional discount retailer with 102 stores in seven Northeastern states and 1998 sales of $1.4 billion. Bradlees offers an assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. of merchandise focused on basic and casual apparel, basic and fashion items for the home, and commodity and convenience products. General information about Bradlees, including corporate background and press releases, is available on the internet at http://www.bradlees.com. To find the nearest store location call toll-free 1-877-272-3533 or visit the web site. |
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