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HEILIG-MEYERS REACHES AGREEMENT IN PRINCIPAL TO PURCHASE CERTAIN ASSETS OF WOLF FURNITURE ENTERPRISES

 HEILIG-MEYERS REACHES AGREEMENT IN PRINCIPAL TO PURCHASE CERTAIN
 ASSETS OF WOLF FURNITURE ENTERPRISES
 RICHMOND, Va., Sept. 23 /PRNewswire/ -- Heilig-Meyers Company (NYSE: HMY), the Richmond-based home furnishings retailer, today announced that it had reached an agreement in principal with Wolf Furniture Enterprises, Inc. of Altoona, Pa. to purchase certain assets relating to fourteen stores. Thirteen of these stores are located in central and western Pennsylvania and one is in West Virginia. The assets purchased consist primarily of accounts receivable and inventory. The closing of this transaction is presently scheduled for Oct. 1, 1992.
 Troy A. Peery, Jr., President and Chief Operating Officer, stated that the acquisition of these well-run, profitable stores provides an attractive opportunity to enter the Pennsylvania market. He added that these small-town locations fit the Company's operating strategy and represent a logical geographic expansion from its successful operations in West Virginia.
 With the addition of these locations, Heilig-Meyers Company, a Virginia Corporation, will operate 403 stores in 16 states.
 -0- 9/23/92
 /CONTACT: Roy A. Goodman of Heilig-Meyers Company, 804-359-9171/
 (HMY) CO: Heilig-Meyers Company; Wolf Furniture Enterprises ST: Virginia, Pennsylvania IN: REA SU: TNM


CM -- CH003 -- 2597 09/23/92 11:29 EDT
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Publication:PR Newswire
Date:Sep 23, 1992
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