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/C O R R E C T I O N -- CLOTHESTIME/

 /C O R R E C T I O N -- CLOTHESTIME/
 In LA011, "The Clothestime Inc. Rolls Out 1992 Expansion Plans," we


are advised by a representative of the company that the sub-head should read, "Following Outstanding Performance in December, the Women's Specialty Retailer Will Open Five Locations Next Month," instead of "...Will Open Six Locations Next Month" as originally issued. Also, the first sentence of the first paragraph should read "The Clothestime Inc. will open five new stores and remodel eight existing sites in February," instead of "...will open six new stores..." and "...remodel nine existing sites..." as originally issued. The corrected release follows:
 THE CLOTHESTIME INC. ROLLS OUT 1992 EXPANSION PLANS
 Following Outstanding Performance in December, the
 Women's Specialty Retailer Will Open Five Locations Next Month
 ANAHEIM, Calif., Jan. 15 /PRNewswire/ -- The Clothestime Inc. (NASDAQ: CTME) will open five new stores and remodel eight existing sites in February, announced John Ortega II, chairman of the board. These are the first stores to open under Clothestime's 1992 expansion plan which calls for at least 65 new stores by year-end.
 According to Ortega, Clothestime plans to saturate existing markets where the company's value-priced retail format has performed well. "Clothestime will continue its strategy of placing stores in strip centers that cater to shoppers who want clothing that is always in fashion and never full price," Ortega said. Areas targeted include Tampa and West Palm Beach, Fla.; Phoenix; Dallas, Houston and San Antonio; Chicago; Seattle; Detroit; Atlanta; Washington; and San Francisco and Riverside, Calif.
 David Sejpal, vice president and chief financial officer, said Clothestime has a strong balance sheet with $35 million in cash, no long-term debt and plans to expand using internally generated funds. The company has prospered during the recession using a fashion discount price strategy and maintaining tight control over inventory and costs.
 Tom Tashjian, an analyst for First Manhattan, said Clothestime's timing is right. "Clothestime has stabilized their business and has now positioned it for growth. The company is using an accelerated expansion program to take advantage of the economic weakness caused by the recession," Tashjian said. "Clothestime's value-oriented format is helping the company to quickly gain market share."
 In February, new locations, with an average store size of 3,800 square feet, will open in Los Angeles and Riverside; Phoenix; Orlando, Fla.; and Atlanta. Seven California stores including Goleta, Fresno, Pacific Beach, Milpitas, Alhambra, Reseda and Simi Valley, as well as one location in Orlando, will be totally remodeled.
 While most retailers' growth has declined over the past year, the unique Clothestime formula has been a boon for value-conscious shoppers and enabled the company to open 23 stores during 1991, bringing its total to 402.
 In the month of November 1991, the Clothestime reported one of the highest comparable store sales increase over the previous year among national retail chains. In addition, Clothestime recently announced sales for the five weeks ended Dec. 28, 1991, increased 24 percent to $35.3 million, compared with $28.6 million in the same period last year. Comparable store sales for the five-week period increased 17 percent, earning Clothestime one of the best results of any national chain for the second consecutive month.
 From its humble beginning in 1974 as a single store in Orange, Calif., Clothestime now operates 402 women's apparel stores in 16 states from California to Virginia. Offering current-season, value-priced junior sportswear, dresses and accessories, Clothestime has an emphasis on brand names at substantial discounts from upscale department and specialty stores. The Clothestime Inc.'s common stock is traded Over the Counter under the NASDAQ symbol "CTME."
 -0- 1/17/92 C LA011
 /CONTACT: Jennifer J. Sims of Gloria Zigner & Associates, 800-669-4599, for The Clothestime Inc./
 (CTME) CO: The Clothestime Inc. ST: California IN: REA SU:


CH -- LA011X -- 1069 01/17/92 15:05 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jan 17, 1992
Words:637
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