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ALEXANDER'S RESPONDS TO PRESS REPORT

 ALEXANDER'S RESPONDS TO PRESS REPORT
 NEW YORK, March 9 /PRNewswire/ -- Alexander's, Inc. (NYSE: ALX),


in response to a press report, answered that it continues to meet its trade obligations in a satisfactory manner, and that it is receiving sufficient merchandise shipments from suppliers to keep its stores stocked, although some suppliers have reduced or stopped shipments to the company. Alexander's said it appreciated the supplies it is receiving from the vendor and factoring community.
 Alexander's added it is in continuing discussions with its lenders to modify certain technical non-payment loan covenants, as to which it is in non-compliance. Management is hopeful that the company will reach agreement with lenders and is closely monitoring the situation. The company is also negotiating to expand its existing bank lines to obtain added needed funds. In addition, the company is exploring other alternatives.
 Reflecting the success of its new merchandizing initiative, Alexander's said it expects to announce a 5 percent increase in comparable store sales for the 28-week period which ended Feb. 8, 1992, in spite of very weak November sales which it shared with other area retailers. On a pre-tax operating basis, the company said it expects to report a loss of approximately $11.2 million for the 28 weeks ended Feb. 8, 1992, as compared to a loss of approximately $12.2 million for the same period last year.
 In addition to merchandizing enhancements, Alexander's has made significant progress implementing a program of cost controls. Not reflected in the half-year results is the impact of overhead reductions already implemented aggregating more than $12 million annually. These programs include consolidations, head count and related benefit reductions and more focused marketing efforts. Through additional expense reduction programs, Alexander's said it expects to further reduce costs.
 -0- 3/9/92
 /CONTACT: Roanne Kulakoff of Kekst and Company, 212-593-2655, for Alexander's/
 (ALX) CO: Alexander's, Inc. ST: New York IN: REA SU:


GK -- NY015 -- 6214 03/09/92 08:53 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 9, 1992
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