AMBER'S STORES ANNOUNCES AGREEMENT TO ACQUIRE SIX STORES
AMBER'S STORES ANNOUNCES AGREEMENT TO ACQUIRE SIX STORES DALLAS, Sept. 24 /PRNewswire/ -- Amber's Stores, Inc.
(NASDAQ-NMS: ABRS) announced today that it has signed an agreement to acquire the inventory, fixtures and lease rights relating to six arts and crafts stores in El Paso, Texas (three stores), Albuquerque, N.M. (two stores) and Santa Fe, N.M. (one store). The acquisition, which is subject to certain conditions, is expected to be completed in early October and will increase the Company's number of stores to 24 after the planned October openings of stores in DeSoto, Texas and Texas City, Texas.
Amber's also announced that, in connection with its recent public offering of 1.2 million shares of Common Stock, the underwriters have purchased 180,000 shares of Common Stock from the Company's principal shareholder pursuant to the exercise of an overallotment option. Amber's is a specialty retailer of arts and crafts products and related merchandise used chiefly for craft and hobby projects, home decorating and personalized gifts. The Company currently operates 16 stores in three states: Texas, Louisiana and Missouri. -0- 9/24/92 /CONTACT: Lamar Roberts, chief financial officer of Amber's Stores, Inc., 214-349-5300/ (ABRS) CO: Amber's Stores, Inc. ST: Texas IN: REA SU: TNM
LR -- NY057 -- 3190 09/24/92 14:29 EDT
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|Date:||Sep 24, 1992|
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