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GALERIES LAFAYETTE TO CLOSE NEW YORK STORE

 NEW YORK, Aug. 30 /PRNewswire/ -- In a joint announcement today, George J. Graf, President and CEO, Galeries Lafayette USA, and Donald Trump, owner of Trump Tower, disclosed the planned closing of Galeries Lafayette at Trump Tower.
 Galeries Lafayette, the Paris-based department store company, opened the Trump Tower store with a total space of 80,000 square feet in September 1991.
 The objective of the French company was to create a permanent showcase on the American market. The total ambiance of the Trump Tower location made it a perfect site for Galeries Lafayette's purposes. The opening of the store was of global magnitude and it quickly became a part of the New York retail landscape.
 After operating for three years and despite improvement in operating results for 1993 over the year prior, it is apparent that a break-even point is unpredictably too far in the future and will not meet the company's targeted goal, the company said. For 1993, it was disclosed, Galeries Lafayette New York narrowed the operating loss by 15% compared to 1992. The upward trend, exclusive of fixed operating costs, continued into the present fiscal year, according to Mr. Graf. Galeries Lafayette Company had over $5 billion in revenue for fiscal 1993.
 The agreement to close the store on or about November 1, was termed amicable by both Messrs. Graf and Trump. The company considers that its presence on the New York scene follows long existing links to the U.S. and particularly New York City. Galeries Lafayette is grateful to its loyal following, the Trump Organization, and U.S. staff.
 "Galeries Lafayette has been a wonderful tenant," said Donald Trump. He continued, "I have enjoyed my relationship with the organization over the past three years and I am sorry to see them leave Trump Tower -- I wish them success with future endeavors."
 Galeries Lafayette has long assisted several major New York educational, health care and cultural organizations. Continuing the tradition, Galeries Lafayette plans to help support the New York Public Library in plans for an exhibition early in 1995 to observe the 200th anniversary of the death of La Fontaine, the legendary French author of fables.
 -0- 8/30/94
 /CONTACT: Robert Bloch of Robert W. Bloch International, 212-755-8047/


CO: Galeries Lafayette USA ST: New York IN: REA SU:

CK-WB -- NY006 -- 0322 08/30/94 08:00 EDT
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Publication:PR Newswire
Date:Aug 30, 1994
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