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BRENDLE'S REPORTS LOAN NEGOTIATIONS AND YEAR-END RESULTS

 BRENDLE'S REPORTS LOAN NEGOTIATIONS AND YEAR-END RESULTS
 ELKIN, N.C., May 1 /PRNewswire/ -- Brendle's Incorporated (the "Company") (NASDAQ-NMS: BRDL) announced today its results for the fiscal year ended Feb. 1, 1992 ("Fiscal 1992"). The Company also reported that significant steps are being taken to implement a strategic turnaround plan for the Company, including having negotiated an agreement with its lenders to extend its credit facilities through April, 1993 and making some needed organizational changes and certain adjustments to its strategic focus.
 For Fiscal 1992, the Company reported a net loss of $26,374,000 ($3.28 per share of Company Common Stock), which reflects a $20,350,000 charge to earnings for restructuring expenses, including the charges for closing six (6) low performing stores, eliminating sixty-five (65) positions at its Headquarters and Distribution Center in Elkin, North Carolina, and other estimated restructuring expenses. The Company experienced a decline in net sales of three percent (3 percent) to $300,198,000 compared to $309,586,000 in the previous year, which contributed to the loss for the year.
 The Company's sales in Fiscal 1992 were adversely impacted by cautious consumer spending and the increased competition for consumer dollars by other retailers who have entered the Company's market area in the Southeast. Company management believes that its restructuring efforts will help alleviate these adverse conditions by being more responsive to customers' needs and by implementing tighter controls on costs incurred in delivering excellent service to consumers.
 On April 30, 1992, the Company received a commitment from its lenders to extend and amend existing credit facilities. The revolving loan portion of its credit facilities was extended to April 30, 1993, and the term loan portion of its credit facility will mature on Dec. 31, 1993.
 The Company has begun implementing new marketing and merchandising strategies which it believes will position the Company to aggressively compete for available consumer dollars and help reverse the trend of decreasing sales during the recent recessionary period.
 Brendle's Incorporated operates 52 stores in North Carolina, South Carolina, Virginia, and Tennessee which offer jewelry and nationally advertised, brand-name merchandise. The company's shares are traded in the NASDAQ National Market System under the symbol BRDL.
 BRENDLE'S INCORPORATED
 Financial Highlights
 Year Ended Year Ended
 Feb. 1, 1992 Feb. 2, 1991
 Revenues $301,359,000 $311,001,000
 Net Income (Loss)
 Before Restructuring ( 6,024,000) 1,242,000
 Net Income (Loss) ( 26,374,000) 1,242,000
 Income (Loss) per share $( 3.28) $ .15
 -0- 5/1/92
 /CONTACT: David R. Renegar, Vice President and Chief Financial Officer, Brendle's Incorporated, 919-526-5600/
 (BRDL) CO: Brendle's Incorporated ST: North Carolina IN: REA SU: ERN


JM-JZ -- CH007 -- 5643 05/01/92 17:12 EDT
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Publication:PR Newswire
Date:May 1, 1992
Words:450
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