Printer Friendly

AMERICAN STORES CO. REMOVED FROM HIGH LEVERAGED TRANSACTION STATUS

 AMERICAN STORES CO. REMOVED FROM HIGH LEVERAGED TRANSACTION STATUS
 SALT LAKE CITY, March 13 /PRNewswire/ -- American Stores Co. (NYSE: ASC) announced that effective today, it has been removed from "Highly Leveraged Transaction" (HLT) status by Morgan Guaranty Trust Co. under the guidelines established by federal bank regulatory agencies.
 The delisting reflects American's increased financial strength as a result of its successful program of selling underperforming assets and reducing debt. At the end of the second quarter of 1988, as a result of American's acquisition of Lucky Stores Inc., the company's debt to total capitalization was 77 percent. As of the end of fiscal 1991 the company's debt to total capitalization was below 65 percent. Removal from HLT status will provide the company with additional financing flexibility.
 American Stores Co. is a holding company with 1991 sales of $20.1 billion. Its three wholly owned subsidiaries are:
 -- Jewel Companies Inc., which operates Acme Markets Inc., the market share leader in Philadelphia; Jewel Food Stores Inc., the market share leader in the Chicago area; and Star Market, one of Boston's leading food retailers;
 -- Lucky Stores Inc., California's leading food retailer with grocery and combination stores throughout the state; and,
 -- American Drug Stores Inc., which operates Osco Drug, the Chicago area's market share leader, and Sav-on, the market share leader in the greater Los Angeles market.
 As of Feb. 1, 1992, the company's grocery and combination stores subsidiaries operated 1,013 stores and American Drug Stores operated the drug side of 225 combination stores and 475 stand-alone drug stores.
 -0- 3/13/92
 /CONTACT: Cal Drecksel (investor) or Troy D'Ambrosio (media) of


American Stores, 801-539-0112/
 (ASC) CO: American Stores Inc. ST: California IN: REA SU:


EH-JL -- LA018 -- 7914 03/13/92 15:57 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 13, 1992
Words:291
Previous Article:DAIMLER-BENZ CHAIRMAN REUTER CALLS FOR NEW ERA OF ECONOMIC AND ENVIRONMENTAL COOPERATION
Next Article:ALCO INTERNATIONAL GROUP INC. ANNOUNCES SIGNING OF SALES AGREEMENT
Topics:


Related Articles
ILLINOIS CENTRAL CORPORATION: BANKS REMOVE RAILROAD FROM HLT STATUS
AMERICAN STORES CO. $100 MILLION 7.17 PERCENT MEDIUM-TERM NOTES DUE 2003 RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --
MERCANTILE, NORDSTROM, SEARS LEAD IN FINANCIAL STRENGTH, FITCH SAYS -- FITCH FINANCIAL WIRE --
AMERICAN STORES CO. TO SELL 45 ACME STORES TO THE PENN TRAFFIC CO.
AMERICAN STORES CO. TO ACQUIRE CLARK DRUGS
A.M. BEST DOWNGRADES THREE MEMBERS OF AMERICAN FINANCIAL GROUP, AFFIRMS TWO OTHERS
American Stores Company Announces National Photofinishing Agreement with Eastman Kodak Company
American Stores 'BBB' Sr Debt on FitchAlert Positive After Announcement - Fitch Financial Wire -
American Stores $1.3 Billion Senior Debt Upgraded to 'A-' By Fitch - Fitch Financial Wire -
Fitch IBCA Rates Albertson's Inc $600M CP Program 'F1' - Fitch IBCA -.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters