NEWMARK & LEWIS TO CLOSE ADDITIONAL STORES
NEWMARK & LEWIS TO CLOSE ADDITIONAL STORES HICKSVILLE, N.Y., Dec. 31 /PRNewswire/ -- Newmark & Lewis Inc.
(AMEX: NLI), a specialty retailer of major appliances and consumer electronic products, announced today that it plans to further down-size its operations into a 14-store chain. The company is taking this action in response to a continuing weak economic performance in the retailing industry as a whole and, more particularly, in its own local market area. The company believes that this action is necessary in order to continue operations during the normally weak post-holiday period that appliance and consumer electronics retailers experience during the months of January through March of each year. The company noted that the down-sizing would constitute a default under the company's various financing agreements; however, to date, the company's lenders have not taken any steps with respect thereto.
The company closed 12 of its stores in July, 29 stores in August and September, and an additional 12 stores will be closed as part of the restructuring plan. On Aug. 30, 1991, the company filed voluntary petitions for relief under Chapter 11 of the Federal Bankruptcy Code and has been operating as a "debtor-in-possession." The following are the stores that are to be closed, with inventory liquidation sales continuing into the second and third weeks of January: Avenue "U" (Brooklyn) Bayridge (Brooklyn) Bensonhurst (Brooklyn) Bridge Street (Brooklyn) Carle Place (Nassau County) Cedarhurst (Nassau County) Commack (Suffolk County) Flatbush (Brooklyn) Lake Success (Nassau County) Levittown (Nassau County) Riverhead (Suffolk County) Syosset (Nassau County) -0- 12/31/91 /CONTACT: Ronald Fleisher, president of Newmark & Lewis, 516-681-6900, ext. 2446/ (NLI) CO: Newmark & Lewis Inc. ST: New York IN: REA SU: FC-OS -- NY007 -- 5824 12/31/91 09:46 EST
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|Date:||Dec 31, 1991|
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