Levitz Furniture Announces Private Label Credit Card Agreement With Household Bank (SB), N.A.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Sept. 10, 1998--Levitz Furniture Corporation, (OTC-BB:LVFIQ), one of the largest specialty retailers of furniture in 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. , today announced that they have entered into a five-year agreement with Household Bank (SB), N.A. under which Household Bank will establish and maintain accounts under Levitz's private label revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. card program. Simultaneously, Household Bank and GE Capital entered into an agreement under which Household Bank purchased substantially all of the Levitz accounts formerly owned and administered by GE Capital. Michael Bozic, Chairman and Chief Executive Officer of Levitz Furniture said, "I am very excited about our new business partnership with Household Bank; this is an important step in positioning Levitz to improve profitability and to achieve our turnaround plan." "Our signing of Levitz offers us significant growth and income opportunities. We look forward to an excellent working relationship over the next five years," said Chuck Colip of Household Bank. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 with respect to the financial condition, results of operations and business of Levitz. These forward-looking statements involve certain risks and uncertainties. No assurance can be given that any such matters will be realized. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive conditions in the industry in which Levitz operates; and (II) general economic conditions that are less favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. then expected.
CONTACT: Levitz Furniture Corporation
Sheila C. Reinken, Vice President
561/994-5154
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