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HEILIG-MEYERS ANNOUNCES STOCK OFFERING

 RICHMOND, Va., May 25 /PRNewswire/ -- Heilig-Meyers Company (NYSE: HMY), the Richmond-based home furnishings retailer, today announced the closing of a 2 million-share issuance of common stock at a price of $33 7/8 per share. The underwriters have also exercised their option to purchase 300,000 additional shares to cover over-allotments.
 Of the shares offered, 1,840,000 shares were sold in the United States through an underwriting group co-managed by Goldman, Sachs & Co., William Blair & Company, A.G. Edwards & Sons, Inc., and Wheat First Butcher & Singer Capital Markets. Concurrent with the U.S. offering, 460,000 shares were sold outside the United States through an underwriting group managed by Goldman, Sachs International Limited. Proceeds from the sale of the 2,300,000 shares will be used to reduce debt to support planned growth and for general corporate purposes.
 William C. DeRusha, chairman and chief executive officer, stated that the company's continued focus on offering a broad range of home furnishings and providing flexible in-house credit in its small-town market niche has produced consistent revenue and earnings increases. This performance has provided the market strength needed to undertake this stock offering.
 Troy A. Peery Jr., president and chief operating officer, noted that during fiscal 1993 the company continued its consistent growth in both new and existing markets while producing record financial results. This increased market share was achieved despite an uncertain economy and provides a strong foundation for future growth. He added that the company plans to open approximately 60 stores during the current fiscal year.
 Heilig-Meyers Company, a Virginia corporation, presently operates 437 stores in 16 states.
 -0- 5/25/93
 /CONTACT: Roy Goodman of Heilig-Meyers, 804-359-9171/
 (HMY)


CO: Heilig-Meyers Company ST: Virginia IN: REA SU: OFR

DC-MH -- DC013 -- 3515 05/25/93 10:47 EDT
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Publication:PR Newswire
Date:May 25, 1993
Words:297
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