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GANTOS SHAREHOLDERS HEAR PLANS FOR RENEWED GROWTH, APPROVE AMENDMENTS TO ARTICLES OF INCORPORATION AT ANNUAL MEETING

 GANTOS SHAREHOLDERS HEAR PLANS FOR RENEWED GROWTH,
 APPROVE AMENDMENTS TO ARTICLES OF INCORPORATION AT ANNUAL MEETING
 GRAND RAPIDS, Mich., June 18 /PRNewswire/ -- Stringent cost controls and a revamped merchandise strategy have greatly improved the financial performance of Gantos, Inc. (NASDAQ: GTOS), company executives told shareholders at the annual meeting today. "Not only did we survive, but we were successful in our efforts to return the company to profitability," said Gantos Chairman and Chief Executive Officer L. Douglas Gantos. "Our turnaround is well under way with three consecutive quarters of profitability. While we still have much to do, we can now at least begin to plan for the renewed growth of Gantos rather than controlling damage," he added.
 Speaking to shareholders on opportunities for growth, Gantos President and Chief Operating Officer Michele Fortune said, "I believe our best opportunity for sustained growth lies in continuing to focus on the niche that serves the career woman. This is one of the fastest- growing consumer groups. It is also one I believe is underserved by the retail industry."
 Fortune also told shareholders the company would eventually resume expansion as another means of generating long-term growth. "Since we are in only 25 states at present, it stands to reason there are opportunities in those states where we do not have a presence." However, she noted that Gantos must proceed cautiously. "It makes no sense to expand if we are not fully prepared to serve our customers in a way that ensures our success in new markets."
 She said she believes the company can be ready to again begin planning for expansion by 1994.
 At the meeting, shareholders approved an amendment to the company's Restated Articles of Incorporation lengthening the terms of directors and staggering the expiration of terms.
 Shareholders elected six directors at the meeting: Elizabeth M. Eveillard and Sidney R. Unobskey were elected to one-year terms ending in 1993; Verna K. Gibson and Fred K. Schomer were elected to two-year terms ending in 1994; and L. Douglas Gantos and Robert J. Higgins were elected to three-year terms ending in 1995.
 Shareholders also approved an increase in the number of shares available for issuance under the company's Stock Option Plan and adopted a Director Stock Option Plan. Both plans are intended to, at least partially, tie compensation received by key employees and directors to future company performance.
 Gantos, Inc. is a leading retailer of quality women's wear and accessories. The company currently operates 158 stores in 25 states.
 -0- 6/18/92
 /CONTACT: James P. Curley, chief financial officer, Gantos, Inc., 616-940-9295/
 (GTOS) CO: Gantos, Inc. ST: Michigan IN: REA SU: PER ECO


SM -- DE022 -- 1572 06/18/92 14:41 EDT
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Date:Jun 18, 1992
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