Clothestime Stories Inc. Emerges From Bankruptcy.ANAHEIM, Calif.--(BUSINESS WIRE)--Sept. 29, 1997--Clothestime Stores Inc. Monday announced that it has officially emerged from bankruptcy, effective as of Sun., Sept. 28, 1997. As the company announced previously, the joint Chapter 11 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. submitted by The Clothestime Inc. and its five debtor affiliates was confirmed by Judge John J. Wilson of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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 Central District of California on Sept. 10, 1997. Clothestime Stores is emerging from Chapter 11 as a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. . All of the common stock and other equity securities of The Clothestime have been cancelled under the plan and, accordingly, have no value. David Sejpal, the chairman of the board, president and chief executive officer of Clothestime Stores, expressed his gratitude to the over 1700 Clothestime associates and Clothestime's numerous suppliers for their tremendous dedication throughout the course of the bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party . In addition, Sejpal extended his appreciation to Clothestime's customers, who have remained extremely supportive. "Our customers have demonstrated strong loyalty to the Clothestime concept, and we look forward to continuing to provide our customers with the best selection of quality fashion merchandise at 20 to 40 percent below department and specialty store Noun 1. specialty store - a store that sells only one kind of merchandise shop, store - a mercantile establishment for the retail sale of goods or services; "he bought it at a shop on Cape Cod" prices." Clothestime Stores, currently operates 264 women's apparel stores located in 15 states, offering primarily in-season, moderately-priced sportswear, dresses and accessories, emphasizing fashion at a discount from department and specialty stores. CONTACT: Clothestime Stores Inc., Anaheim Douglas L. Pereira, 714/779-5881, ext. 2410 |
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