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 ELKIN, N.C., Dec. 9 /PRNewswire/ -- Douglas D. Brendle, chief executive officer and chairman of the board of Brendle's Incorporated (NASDAQ: BRDLQ) reported today that the Plan of Reorganization which had been filed by Brendle's in its Chapter 11 reorganization proceeding had been accepted by over 99 percent of the unsecured creditors and the shareholders voting on the plan. This favorable vote included over $77.55 million in creditor ballots and over 6.89 million shares of common stock. "This is literally an overwhelming vote of confidence in the company and its management," Brendle said. "It was a little over a year ago that we filed our reorganization proceeding and we have come a long way since then. A year ago our stores were seriously under-stocked with inventory because our vendors did not have confidence in our ability to pay our debts. Today, our stores are fully stocked, our customers have returned to us, and we are looking at this Christmas season with a great deal of enthusiasm and optimism."
 R. Bradford Leggett of Allman Spry Humphreys & Leggett, the law firm which has represented Brendle's in the Chapter 11 proceeding, said that the speed and success of this reorganization proceeding is a good indication of the strength and vitality of Brendle's in the market place. "This is perhaps the quickest that a major business reorganization case has been confirmed. In most of the significant retail reorganizations, the companies are working on their second, third or more Christmases in a Chapter 11 proceeding. Brendle's has managed to accelerate the reorganization process so that its confirmation hearing will be held in less than 13 months after the filing of the proceeding. As can be seen from the vote, the plan as proposed by Brendle's offers fair and equitable treatment for the creditors, the shareholders and the company," Leggett said.
 The company, with stores in Virginia, Tennessee, South Carolina and North Carolina, is engaged in an aggressive promotional campaign for the current holiday season. The plan of reorganization provides that the company will implement its plan, which includes paying creditors 52 cents on the dollar in cash, no later than April 30, 1994. A hearing on the confirmation of the Brendle's plan is scheduled for Dec. 14, 1993, in the United States Bankruptcy Court for the Middle District of North Carolina in Winston-Salem, N.C.
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 /CONTACT: Douglas D. Brendle, chairman of the board and CEO, 910-526-6505, or Bill Grady, senior vice-president, 910-526-6513, both of Brendle's, or R. Bradford Leggett, attorney for Brendle's, 910-722-2300/

CO: Brendle's Incorporated ST: North Carolina IN: REA SU: RCN

CM -- CH011 -- 2496 12/10/93 08:30 EST
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Publication:PR Newswire
Date:Dec 10, 1993

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