Caldor Receives Extension of Exclusivity Period.NORWALK, CONN.--(BUSINESS WIRE)--Feb. 19, 1997--The Caldor Corp. (NYSE NYSE See: New York Stock Exchange : CLD CLD Called CLD Cloud CLD Cleared CLD Chronic Lung Disease CLD Council for Learning Disabilities CLD Cooled CLD Chronic Liver Disease CLD Clear Direction Flag CLD Certified LabVIEW Developer CLD Causal Loop Diagram ) announced today that the U.S. 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 has granted the Company an extension of the period under which it has the exclusive right to file a plan of reorganization with the court. The exclusivity period, which had been scheduled to expire on Feb. 28, 1997, has now been extended through Sept. 1, 1997, with the support of the Company's Creditors', Bank and Equity Committees. Likewise, the period in which the Company can solicit acceptances for the reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. has been extended through Oct. 30, 1997. Warren Feldberg, Chairman and Chief Executive Officer, commented, "This extension will enable Caldor to continue the progress being made in reviewing our five-year Business Plan with the Creditors', Bank and Equity Committees. We are confident this Plan offers the greatest potential to restore the Company to long-term profitability and growth. Ultimately, the Business Plan will provide the basis for Caldor's Plan of Reorganization." The cornerstone of Caldor's plan, which was presented in December 1996, is a refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus on its strategies as a full-line, upscale discount retailer, serving urban/suburban discount markets in the Northeast and Mid-Atlantic. Among other initiatives, the Plan calls for Caldor to raise customer satisfaction levels; lower everyday pricing and reduce promotional activities; narrow and refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. merchandise assortments; revamp its advertising programs; and implement operating efficiencies and significant cost reductions. The Caldor Corp. is the fourth largest discount department store chain in the U.S., with annual sales of approximately $2.7 billion and approximately 23,000 Associates. It currently operates 161 stores in ten East Coast states. With a strong consumer franchise in high density urban/suburban markets, Caldor offers a diverse merchandise selection, including both softline and hardline merchandise. CONTACT: Kekst and Company Wendi Kopsick/Jim Fingeroth, 212/593-2655 News on Demand Fax Service, 800/717-1117 http://www.businesswire.com/cnn/cld.htm |
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