Carson Pirie Scott Not Deterred by Younkers's Rejection.MILWAUKEE--(BUSINESS WIRE)--January 10, 1995--Carson Pirie Scott & Co. (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 : 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. ) announced that it remains fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully to taking whatever steps are necessary to ensure that the stockholders 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. (NASDAQ: YONK) are given an opportunity to decide if Younkers Inc. should be put up for sale. Carson said that it will not be deterred by Younkers's statement yesterday that it is "not for sale" and that Carson's $17 per share proposal is "grossly inadequate." 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. , president and chief executive officer of 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. , had the following comment: "While we are not surprised that Younkers has said they are not for sale, we are surprised that our offer has been characterized as `grossly inadequate' given the negative trend in Younkers's earnings over the last two years and the fact that Younkers does not actually own any of its stores. Also, as Younkers's largest stockholder, we are dismayed to learn that the Younkers Board of Directors authorized `golden parachute' contracts for thirteen Younkers executives. "We believe that Younkers stock is trading above our bid not because of the fundamentals of Younkers's business, but due to an expectation by investors that either Carson Pirie Scott or another third party will offer to buy Younkers for more than $17 per share. If Younkers's stockholders fail to support our efforts to have Younkers sold to the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. , we are convinced that the `takeover premium' reflected in Younkers's current market price will disappear. "We are optimistic that at the upcoming Younkers annual meeting, the Younkers stockholders will support our efforts to maximize Younkers's stockholder value." CONTACT: INVESTORS
Darren Jackson
Carson Pirie Scott
414/278-5717
or
Stanley J. Kay Jr.
MacKenzie Partners Inc.
212/929-5940
MEDIA
Edward P. Carroll Jr.
Carson Pirie Scott
414/347-5340
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