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NEWMARK & LEWIS TO LIQUIDATE; GOING OUT OF BUSINESS SALE TO COMMENCE TODAY; COMMON STOCK TO BE DELISTED FROM AMERICAN STOCK EXCHANGE

NEWMARK & LEWIS TO LIQUIDATE; GOING OUT OF BUSINESS SALE TO COMMENCE
 TODAY; COMMON STOCK TO BE DELISTED FROM AMERICAN STOCK EXCHANGE
 HICKSVILLE, N.Y., Jan. 17 /PRNewswire/ -- Newmark & Lewis Inc. (AMEX: NLI), a specialty retailer of major appliance and consumer electronic products, announced today that the company's management has determined to commence an orderly liquidation of all of its assets. In this connection, a "going-out-of-business sale" is to commence on Friday, Jan. 17, in all of the remaining Newmark & Lewis stores.
 On Aug. 30, 1991, the company filed voluntary petitions for relief under Chapter 11 of the Federal Bankruptcy Code and has been operating 26 stores as a "debtor-in-possession" (the company had closed 12 of its stores in July, 29 stores in August and September, and an addition 7 stores will initially be closed as part of the liquidation). The company is presently in default under its various post-petition financing agreements.
 The company also announced that it is consenting to the delisting of its common stock for the American Stock Exchange, This action became necessary because the company no longer satisfies the financial guidelines of the Exchange for continued listing; the exchange has advised the company that the last day for trading of the Newmark & Lewis Inc. common stock will be on Friday, Jan. 24. following the delisting, a market for the company's common stock may develop over the counter, although there can be no assurance as to such development. The company does not expect that the liquidation will result in any recovery for common shareholders.
 -0- 1/17/92
 /CONTACT: Ronald Fleisher, president, 516-681-6900, ext. 2446, or Jeffrey L. Goldberg, executive vice president, 516-681-6900, ext. 2381, both of Newmark & Lewis/
 (NLI) CO: Newmark & Lewis Inc. ST: New York IN: REA SU: BCY


SH-TS -- NY008 -- 0864 01/17/92 09:02 EST
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Publication:PR Newswire
Date:Jan 17, 1992
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