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CALDOR ANNOUNCES AGREEMENT WITH NEW YORK STATE ATTORNEY GENERAL

 NORWALK, Conn., Jan. 11 /PRNewswire/ -- The Caldor Corporation (NYSE: CLD) announced today an agreement with the New York State Attorney General's office relating to rain check and substitution policies covering advertised sale items. The agreement resolves an inquiry by the State Attorney General's office into the alleged unavailability of certain advertised sale items at some Caldor stores in New York.
 "Meeting demand for advertised merchandise is a priority for us, since it is central to maintaining good customer relationships," said Don R. Clarke, chairman and chief executive officer of Caldor. "To assure that there is sufficient inventory of advertised goods -- an objective shared by all retailers -- we have developed new inventory systems, manifestation systems, advertising policies, and constructed a new regional distribution center in Newburgh, N.Y.
 "We are pleased to say that as a result, rain check levels have declined significantly since early last year, when the Attorney General's office conducted its study, while the customer satisfaction and friendliness scores that our stores and associates receive on customer service questionnaires have continued to improve," continued Mr. Clarke.
 Under the agreement Caldor's current rain check policy will continue without basic change. Where an advertised item is unavailable during a sale period, Caldor's policy entitles the customer to purchase a substitute item at the same percentage discount, or to a rain check to purchase the advertised item at the sale price for a specified time beyond the sale period.
 Under the agreement with the State Attorney General's office, a customer who has not been able to purchase an advertised item four weeks after receiving a rain check will be mailed a coupon to purchase any item in the same department at the same percentage discount, plus an additional five percent off the discounted price.
 The inquiry found no evidence of deliberate wrongdoing on Caldor's part, and the agreement, in addition to being consistent with Caldor's long existing voluntarily adopted policies, meets all requirements imposed on retailers generally by the Federal, as well as State, Consumer Protection Laws. Caldor paid the New York State Attorney General's office $50,000 to cover the costs of the investigation.
 Caldor Corporation is a $2 billion upscale discount retailer operating 136 stores in nine New England and Mid-Atlantic states.
 -0- 1/11/93
 /CONTACT: Dawn Dover of Kekst and Company, 212-593-2655, for Caldor Corporation/
 (CLD)


CO: The Caldor Corporation ST: New York IN: REA SU:

TS-OS -- NY064 -- 3623 01/11/93 14:53 EST
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Publication:PR Newswire
Date:Jan 11, 1993
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