CARSON PIRIE SCOTT & CO. SET TO PUSH YOUNKERS TO SELL COMPANY; CARSON'S TENDER OFFER FOR YOUNKERS EXTENDED TO JUNE 6.MILWAUKEE--(BUSINESS WIRE)--May 18, 1995--Carson Pirie Scott & Co. (NYSE NYSE See: New York Stock Exchange :CRP C-reactive protein (CRP) A protein present in blood serum in various abnormal states, like inflammation. Mentioned in: Pelvic Inflammatory Disease CRP, n.pr See C-reactive protein. ) today announced that, based on its unofficial count of proxies for the May 17 annual meeting of shareholders of Younkers Younkers is a department store chain in the Midwestern United States. The chain concentrates on the middle and upper-class segments of the market. History Beginnings , Inc. (NASD/NMS:YONK), Carson believes its three nominees have been elected to the Younkers Board. Stanton J. Bluestone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. , Carson's President and Chief Executive Officer, commented: "Our proxy materials explicitly state `all Carson Pirie Scott Carson Pirie Scott & Co., known informally as Carson's, is a chain of traditional department stores that have been in business for over 150 years. Their product price points are targeted to the moderate-to-upscale shopper. nominees are committed to a sale or merger of Younkers.' Carson's nominees will honor their mandate from the Younkers shareholders. Subject to their fiduciary duties, the Carson nominees will strongly urge their fellow Board members to have Younkers put up for sale. In addition, Carson, as Younkers' largest shareholder, will aggressively pursue all available means to promptly implement the wishes of a clear majority of those shareholders who cared enough to vote." Carson also announced it has extended the expiration date of its tender offer for all of the outstanding common stock of Younkers, Inc. to 12:00 midnight, Eastern Daylight Time, on Tuesday, June 6, 1995. The offer was scheduled to expire on Friday, May 19. As of 1:00 p.m. today, 1,665,636 shares of Younkers common stock had been tendered into Carson's offer. Carson Pirie Scott & Co., a major department store retailer, operates 51 department stores and two furniture stores as of May 18, 1995: 30 Carson Pirie Scott stores in Greater Chicago, Indiana and Minnesota; 13 Bergner's stores in downstate down·state n. The southerly section of a state in the United States. adv. & adj. To, from, or in the southerly section of a state. down Illinois and Wisconsin; and 10 Boston Stores in Wisconsin. CONTACT: Investors: Carson Pirie Scott & Co. Darren R. Jackson, 414/278-5717 or MacKenzie Partners, Inc. Stanley J. Kay, 212/929-5940 or Media: Carson Pirie Scott & Co. Edward P. Carroll, Jr., 414/347-5340 |
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