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FUTURE OF FOLAND'S EXPECTED BY NEXT WEEK

 FUTURE OF FOLAND'S EXPECTED BY NEXT WEEK
 LIVONIA, Mich., Jan. 14 /PRNewswire/ -- Livonia-based Foland's is


structuring a comprehensive plan to work out a settlement so its six metropolitan Detroit-area stores can go forward with business. David Castlegrant, Foland's director of store operations, anticipates management and the company's major creditors will have additional information on the future of the 18-year-old retail chain by next week.
 "Since Foland's stores closed on Jan. 3, 450 jobs have been idled," Castlegrant said. "Additionally, our bridal registry, which constitutes the second-largest bridal registry operation in Michigan, needs to be reopened, as this is traditionally a popular time for brides to register. All of us at Foland's are most anxious to reopen our six locations as quickly as possible."
 Vendors, many of whom are subsidiaries of Japanese companies, have not come to an agreement on the disposition of the millions of dollars of inventory locked inside the six Foland's locations. Castlegrant said this issue will also be resolved next week, as well as the future direction of the company.
 All customer layaway transactions and processing of customer repairs will be consolidated at the Livonia store, which will reopen Thursday, Jan. 16, for this purpose.
 Established in 1973, the retailer has stores in Clinton Township, Dearborn, Livonia, Rochester, Southfield and Warren.
 -0- 1/14/92
 /CONTACT: Frederick Marx of Marx Layne, 313-855-6777, for Foland's/ CO: Foland's ST: Michigan IN: REA SU:


JG -- DE028 -- 9756 01/14/92 17:25 EST
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Publication:PR Newswire
Date:Jan 14, 1992
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