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50-OFF STORES ANNOUNCES PURCHASE OF QUALEX BUILDING

 50-OFF STORES ANNOUNCES PURCHASE OF QUALEX BUILDING
 SAN ANTONIO, Texas, July 22 /PRNewswire/ -- San Antonio based


off-price apparel retailer 50-OFF Stores, Inc. (NASDAQ: FOFF) announced today that it has purchased the Qualex building in San Antonio and will relocate its corporate offices there in January 1993.
 Company Chairman, President and Chief Executive Officer Charles "Chuck" Siegel stated, "Because the company is growing so rapidly, we need more room to expand our home office staff and additional space is not available at our present leased facility. We moved our corporate office to San Antonio in 1979, and have enjoyed participating in the growth of our beautiful city. The purchase of the new facility insures our ability to remain in San Antonio as we grow to be one of the largest off-price apparel chains in the country."
 The 76-store chain expects to open 22 additional stores this year and end the year operating 98 stores in eight states. The company has developed a growth plan of 25 percent to 30 percent per year over the next three years and, therefore, expects net sales to exceed $400 million by the end of 1995. Last year the company reported net sales in excess of $130 million.
 Located at 8750 Tesoro Drive, the Qualex Building was built in 1978 for Fox Photo. It is a 41,800 s.f. two-story building on 4.35 acres. Originally constructed to support a third story, the building can be enlarged to as much as 60,000 s.f., if necessary. This will allow the home office staff to grow from its present 150 employees to as many as 400, with ample parking facilities. The building is currently occupied by the Western division of the Durham, N.C. based Qualex Corporation. Llewellyn & Company Properties served as selling broker in the successful transaction.
 -0- 7/22/92
 /CONTACT: Lucy Behrens of 50-OFF Stores, 512-653-8000, ext. 217/
 (FOFF) CO: 50-OFF Stores, Inc. ST: Texas IN: REA SU:


SM -- NY114 -- 2156 07/22/92 17:36 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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