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BRENDLE'S BEGINS IMPLEMENTATION OF RESTRUCTURING PLAN

 BRENDLE'S BEGINS IMPLEMENTATION OF RESTRUCTURING PLAN
 ELKIN, N.C., Jan. 17 /PRNewswire/ -- Brendle's Incorporated (NASDAQ-NMS: BRDL) (Brendle's) announced today that it is beginning implementation of a strategic turnaround plan being developed with the assistance of The GDL Group, a New York-based management consulting firm.
 The plan provides for significant changes in the management structure of the Company, including the establishment of a new Office of the Chief Executive, which will be occupied by Douglas D. Brendle, Chairman of the Board of Brendle's, Geoffrey D. Lurie, President of The GDL Group, and Walter A. Jones, Executive Vice President of The GDL Group. This group will be responsible for the day-to-day management of the Company. Dennis B. Johnson has resigned from his office as President of the Company.
 As a part of the restructuring plan, the Company will close six low performing stores, and will eliminate 65 positions at its headquarters and distribution center in Elkin, N.C.
 The closing of the six stores, and the other restructuring expenses contemplated, including the elimination of slow moving inventory, will require, in management's opinion, a charge against earnings of approximately $18.5 million ($2.31 per share of Company Common Stock) to be taken in this fiscal year.
 Management believes that these actions will substantially reduce costs and will reduce bank borrowings by approximately $6 million, which should improve future operating results.
 Brendle's has discussed these actions with its bank group, and they have given their full support to the program.
 Regarding these actions, Douglas D. Brendle, Chairman of the Board, said: "These actions are very difficult ones for us to take, but we believe are necessary to preserve the long-term viability of the Company."
 -0- 1/17/92
 /CONTACT: Douglas D. Brendle, Chairman of the Board, Brendle's Incorporated, 919-526-6570/
 (BRDL) CO: Brendle's Incorporated ST: North Carolina IN: REA SU: RCN PER


CM -- CH003 -- 0922 01/17/92 10:40 EST
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Publication:PR Newswire
Date:Jan 17, 1992
Words:317
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