HECHINGER ANNOUNCES CLOSING OF SEVEN STORES
HECHINGER ANNOUNCES CLOSING OF SEVEN STORES LANDOVER, Md., Nov. 4 /PRNewswire/ -- Hechinger Company
(NASDAQ: HECHA, HECHB) today announced that it is planning to close seven Hechinger stores as part of an ongoing repositioning of the company's Hechinger division. The stores affected are in Greenville, S.C.; Charlotte, N.C. (two stores); Durham, N.C.; Harrisonburg, Va.; Newington, Conn.; and Washington, D.C. (Georgia Avenue). The closings will take place in January 1992.
John Hechinger Jr., president and chief executive officer of the company, said: "We are pursuing a two-fold strategy which consists of dominating the markets we serve with our Hechinger stores while at the same time rapidly expanding our Home Quarters Warehouse stores. By closing these Hechinger locations we will further advance our strategy and strengthen both divisions. Our Hechinger division will become more efficient and economical to operate by focusing on our key markets. And our Home Quarters division, which already serves New England and the Carolinas, will pick up much of the business currently done by the Hechinger stores." Impacted Hechinger employees who are not offered employment elsewhere within the Hechinger or Home Quarters divisions will be provided with severance packages and assistance in finding other employment. Hechinger Company, a chain of specialty retail do-it-yourself home centers, currently operates 83 Hechinger stores, 30 Home Quarters Warehouse stores and six Triangle Building Centers in 15 states and the District of Columbia. -0- 11/4/91 R /CONTACT: Lennie Zallar, vice president and treasurer, Hechinger Company, 301-925-3170/ (HECH) CO: Hechinger Company ST: Maryland IN: SU: DC -- DC019 -- 0839 11/04/91 15:38 EST
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|Date:||Nov 4, 1991|
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