Clothestime To Emerge From Bankruptcy.ANAHEIM, Calif.--(BUSINESS WIRE)--Sept. 10, 1997--The Clothestime Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CTMEQ) (Clothestime) Wednesday announced that 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 has entered an order confirming 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. of Clothestime and its five debtor One who owes a debt or the performance of an obligation to another, who is called the creditor; one who may be compelled to pay a claim or demand; anyone liable on a claim, whether due or to become due. affiliates, clearing the way for the companies to emerge officially from bankruptcy. David Sejpal, the chairman of the board, president and chief executive officer of Clothestime, hailed the confirmation of the companies' plan of reorganization as "the culmination of months of extraordinarily hard work by Clothestime's more than 1,700 associates and its numerous suppliers and other creditors." Sejpal also expressed thanks to the company's customers. "Our customers have remained extremely supportive of Clothestime throughout this difficult process. In fact, notwithstanding the bankruptcy, we have continued to experience strong customer loyalty to the Clothestime concept." Sejpal indicated he was delighted that, now that the process has concluded, the company "will be able to devote its full attention to providing its customers with the best selection of 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 and its affiliates will continue to operate over 260 women's apparel stores located primarily in California, Florida and Texas. Clothestime is a leading apparel fashion retailer providing current junior women's fashions and accessories at value prices every day. CONTACT: Clothestime Douglas L. Pereira, 714/779-5881, ext. 2410 |
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