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BRENDLE'S INCORPORATED FILES FOR REORGANIZATION

 ELKIN, N.C., Nov. 22 ~PRNewswire~ -- Brendle's Incorporated (NASDAQ: BRDL), the N.C.-based specialty retailer, announced today that it and its principal operating subsidiary, Brendle's Stores, Inc., have initiated Chapter 11 reorganization proceedings by filing petitions with the United States Bankruptcy Court for the Middle District of North Carolina.
 In early 1992, Brendle's had begun to implement a restructuring plan and was successful in meeting its operating goals through the first eight months of its fiscal year. However, due primarily to the sluggish state of the economy and the instability in the retail sector, the company began experiencing a slowdown in the flow of merchandise from its suppliers in October.
 "Brendle's was well on its way toward achieving its reorganization goals when the receipt of merchandise slowed down," said Walter A. Jones, Brendle's chief executive officer. "The company, which has begun to focus its product assortments, should now have the time it needs to direct its cash resources toward a successful conclusion of the restructuring process."
 This Chapter 11 proceeding will provide Brendle's with significant cash resources immediately and help ensure a steady flow of merchandise in time for the important Christmas season. "We expect our stores to be filled with merchandise, and we will be ready to offer our customers a broad selection of value-priced goods," Jones said.
 "The reorganization proceeding will help us assure our customers that our programs, such as liberal warranties, return policies and price guarantees, will be as strong as ever -- possibly even stronger in the coming months," Jones added. "We intend to use Chapter 11 in the manner in which the provisions were intended: namely, to seek the time needed to reorganize our business."
 Brendle's, based in Elkin, N.C., has 2,500 employees and operates 51 retail stores in North Carolina, South Carolina, Georgia, Tennessee and Virginia. The stores sell a broad selection of value-priced jewelry and name-brand consumer products. In early 1992, the company shifted its focus from being a discount retailer to being a specialty retailer focusing on jewelry, gifts, housewares and leisure living products.
 -0- 11~22~92
 ~CONTACT: Walter A. Jones of Brendle's, 919-526-6570 or Brandon Uttley of Epley Associates, 704-522-1220, for Brendle's~
 (BRDL)


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

JP -- NYSU007 -- 0207 11~22~92 18:42 PST
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Publication:PR Newswire
Date:Nov 20, 1992
Words:388
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