FACTORY STORES OF AMERICA, INC. CHANGES NAME; TO DO BUSINESS AS FAC REALTY TRUST, INC.; PREFERRED STOCK AMENDMENT APPROVED.SMITHFIELD, N.C.--(BUSINESS WIRE)--June 27, 1996--Factory Stores of America, Inc. (NYSE NYSE See: New York Stock Exchange :FAC) today announced that shareholders overwhelmingly approved an amendment to change the name of the Company to FAC Realty Inc. and will do business as FAC Realty Trust, Inc. The New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. trading symbol will remain FAC. At the annual meeting of shareholders, held today in Raleigh, North Carolina For other uses of this name, see Raleigh. Raleigh (IPA: /ˈrɑli/, ral-ee) is the capital of the State of North Carolina and the county seat of Wake County. , shareholders also approved an amendment to authorize preferred stock and the issuance of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and elected the following directors to serve a term of one year: J. Dixon Fleming, Jr., C. Cammack Morton; Robert O. Amick; B. Mayo Boddie, Sr.; J. Richard Futrell, Jr.; John W. Gildea; and Theodore E. Haigler, Jr. "Factory Stores of America has been a great name for our nationwide portfolio of factory outlet centers and we will retain the name at the majority of our current centers," said Chairman J. Dixon Fleming, Jr. "However, as the industry evolves, our future activities may not be strictly limited to the development and operation of factory outlet centers and the new name, FAC Realty Trust, Inc., more accurately reflects our strategic focus as a shopping center company." Headquartered in Smithfield, North Carolina Smithfield is a town in Johnston County, North Carolina, United States. The population was 11,510 at the 2000 census. It is the county seat of Johnston CountyGR6. Smithfield is located in North Carolina's Inner Banks region. , Factory Stores of America, Inc. is a self-administered real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) engaged in the management, development and acquisition of shopping centers. The Company currently owns and operates 36 factory outlet shopping centers in 21 states, with a total of 4.7 million square feet, making it one of the largest outlet REITs in terms of numbers of centers and square footage. CONTACT: Factory Stores of America, Inc., Smithfield John N. Nelli or Linda Swearingen, 919/934-9446 or http:\\www.factorystores.com |
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