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STUARTS AND CREDITORS' COMMITTEE AGREE ON TERMS OF PROPOSED JOINT CONSENSUAL PLAN OF REORGANIZATION

 STUARTS AND CREDITORS' COMMITTEE AGREE ON TERMS OF
 PROPOSED JOINT CONSENSUAL PLAN OF REORGANIZATION
 FRANKLIN, Mass., May 29 /PRNewswire/ -- Stuarts Department Stores, Inc. (NASDAQ: STUSQ) and its wholly owned subsidiary, S.D.S., Inc. (collectively, the "Company") announced today that the company and the official committee of Unsecured Creditors (the "Creditors Committee") have agreed in principal on the terms of a proposed joint plan of reorganization (the "Proposed Plan"), subject to appropriate mutually agreeable documentation being filed with the United States Bankruptcy Court for the District of Massachusetts (Western Division) and receipt of appropriate approvals.
 The terms of the Proposed Plan provide for payment to unsecured creditors in the form of cash payments, in three installments of $5.2 million upon confirmation, $6 million on Dec. 31, 1992 and $5 million on Dec. 31, 1993, aggregating approximately 37 percent of the total amount of allowable unsecured claims, and 80 percent of the common stock of the reorganized company.
 On Dec. 7, 1990, the company filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code.
 Stuarts Department Stores, Inc. operates 20 self-service discount department stores located in Massachusetts, New Hampshire, Rhode Island, Vermont and Maine, 19 under the name "Stuarts" and one under the name "Harry's." The company's stores sell a wide variety of general merchandise selected to satisfy the clothing, home, recreational and convenience needs of the blue-collar and middle-income family.
 -0- 5/29/92
 /CONTACT: Joseph Ettore of Stuarts, 508-520-4540/
 (STUSQ) CO: Stuarts Department Stores ST: Massachusetts IN: REA SU: RCN


TM -- NE007 -- 5205 05/29/92 13:30 EDT
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Publication:PR Newswire
Date:May 29, 1992
Words:265
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