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AMES TO CLOSE 60 STORES AS PART OF PLAN OF REORGANIZATION

 AMES TO CLOSE 60 STORES AS PART OF PLAN OF REORGANIZATION
 ROCKY HILL, Conn., Oct. 30 /PRNewswire/ -- Ames Department Stores,


Inc. (NYSE: ADD) today announced that it will close 60 of its 369 stores, as well as its three remaining freestanding crafts stores, early next year, consistent with its amended bankruptcy plan of reorganization (POR). The closing stores generally will operate on a normal basis through the holiday season, with complete assortments and staffing through Christmas.
 Stephen L. Pistner, Ames' chairman and chief executive officer, said, "In January 1992, when Ames filed its initial POR with the bankruptcy court, we indicated that additional stores would have to be closed to fund the plan of reorganization. That also was the case with our amended plan. During the past year we have continually monitored the performance of the chain on an individual store basis to identify stores for closing that would not adversely impact the company's advertising and marketing strategies.
 "Closing these stores and using the cash generated from the store- closing sales to fund the POR supports our primary objective of emerging from Chapter 11 as a viable, competitive company."
 Ames expects to close the stores in the first quarter of next year. More than half of the stores to be closed are in Virginia, Maryland and Michigan. Approximately 3,500 employees will be affected by the closings. Eligible employees will receive severance packages, including outplacement assistance, from Ames.
 Following the closings, Ames will operate 309 stores in 14 Northeastern states. The company filed for Chapter 11 protection under the U.S. Bankruptcy Code in April 1990.
 STORES TO CLOSE
 (Number to be closed in parenthesis)
 Delaware (2) Dover, Smyrna. 4 stores remain.
 Maine (1) North Windham. 28 stores remain.
 Maryland (10) Annapolis, Baltimore (6790 Reistertown
 Road), Chestertown, Hampstead, La Vale,
 Odenton, Pocomoke City, Prince
 Frederick, Temple Hills, Westminster.
 25 stores remain.
 Massachusetts (4) Braintree (2), Holyoke, Roxbury.
 32 stores remain.
 Michigan (9) Big Rapids, Caro, Cedar Springs,
 Chelsea, Hillsdale, Imlay City,
 Plainwell, Sturgis, Three Rivers.
 No stores remain.
 New Hampshire (1) Manchester. 19 stores remain.
 New Jersey (3) Bridgeton, Deptford, Paulsboro.
 5 stores remain.
 New York (6) Dunkirk, Grand Island, Mayville,
 Middletown, North Tonawanda, Olean.
 81 stores remain.
 Ohio (3) Bryan, Coshocton, Gallipolis.
 11 stores remain.
 Pennsylvania (4) Gettysburg, Greenville, Harrisburg,
 Milton. 55 stores remain.
 Virginia (14) Ashland, Chesterfield, Gloucester,
 Manassas, Newport News, Norfolk, Onley,
 Richmond (3), Smithfield, Virginia
 Beach, Warrenton, Williamsburg.
 6 stores remain.
 West Virginia (3) Martinsburg, Morgantown, Weston.
 7 stores remain.
 Crafts & More stores (3) Richmond, Va. (2); Boardman, Ohio
 -0- 10/30/92
 /CONTACT: Marge Wyrwas of Ames Department Stores, 203-257-2659, or Jon Murchinson of Ogilvy Adams & Rinehart, 212-880-5281, for Ames Department Stores/
 (ADD) CO: Ames Department Stores, Inc. ST: Connecticut IN: REA SU: RCN


TS-PS -- NY025 -- 7029 10/30/92 10:07 EST
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Publication:PR Newswire
Date:Oct 30, 1992
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