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BRENDLE'S ANNOUNCES EXTENSION OF EXCLUSIVITY PERIOD

 ELKIN, N.C., May 26 /PRNewswire/ -- Brendle's Stores, Inc. (NASDAQ: BRDLQ) announced today that it had been granted a 120-day extension of its exclusivity period (to Sept. 21, 1993), in which it has the exclusive right to file a plan of reorganization for it and its subsidiaries, including Brendle's Stores, Inc. In addition, the company announced that it had reached agreement to sell the inventory in thirteen stores which it previously announced would be closed effective June 1, 1993. The company says its customers should rest assured that it plans to continue to honor all guarantees and product warranties for any customer in the affected stores and all go-forward stores.
 Douglas Brendle, chairman and chief executive officer of the company, stated: "Substantial progress has been made to date in restructuring our operations. This has included a revitalized advertising and merchandising program, a complete store-by-store profitability analysis, a downsizing of our over-all company and initial negotiations with our creditors with whom we expect to develop a consensual plan of reorganization. We are gratified that the Court agreed with our positions articulated at the exclusivity hearing yesterday, and provided the company more time to continue its substantial progress towards a restructuring plan.
 "Perhaps best of all, however, is the fact that Brendle's Stores has year-to-date substantially outperformed its business plan on virtually every measure. We have aggressively implemented initiatives presented to our creditors last April 14, and are exceeding our goals with respect to the operational restructuring of the company. We are very fortunate to have a strong customer franchise and sincerely appreciate their continued support as well as a talented and committed team of employees, without whom we could not succeed. The Court has granted all of us time to focus our energies on our business rather than administrative matters. We look forward to the challenge."
 -0- 5/26/93
 /CONTACT: Douglas D. Brendle, Chairman of the Board and CEO, 919-526-6505, or Bill Grady, Senior Vice President of Marketing & Advertising, 919-526-6513, both of Brendle's Stores, Inc./
 (BRDLQ)


CO: Brendle's Stores, Inc. ST: North Carolina IN: REA SU:

SB -- CH006 -- 2506 05/26/93 13:32 EDT
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Publication:PR Newswire
Date:May 26, 1993
Words:355
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