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HOFHEIMER'S INC. TO REORGANIZE; NEW PRESIDENT VOWS TO REBUILD CENTURY-OLD COMPANY

 HOFHEIMER'S INC. TO REORGANIZE; NEW PRESIDENT
 VOWS TO REBUILD CENTURY-OLD COMPANY
 NORFOLK, Va., March 9 /PRNewswire/ -- Hofheimer's Inc., a major regional shoe retailer since 1885, today filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code.
 At the same time the company's new president, Aubrey L. Layne Jr., announced management's intentions to work with employees and suppliers to quickly re-establish Hofheimer's as the premier footwear chain in its core markets, Virginia and North Carolina.
 Layne, who has been associated with Hofheimer's for seven years, was vice president and chief financial officer for five years prior to assuming the presidency early last month.
 "The Company has completed a business plan and obtained new financing which will allow it to continue operations and protect the jobs of its 600 employees," Layne said. "We're confident we can build on the history of this company, and ultimately provide new and greater opportunities for everyone associated with it."
 Hofheimer's was the target of a leveraged buyout in 1988 and operated profitably until sales declined due to the current economic recession. The decision to reorganize was made "to protect our employees and our franchise, and return to a profitable situation," Layne said. "We believe this approach will maximize value to the company's creditors."
 Hofheimer's has closed several retail outlets during past weeks, and the new business plan calls for continuing operations primarily in Virginia and North Carolina. The company will continue its strong presence in Hampton Roads.
 -0- 3/10/91
 /CONTACT: Aubrey Layne, Hofheimer's Inc., 804-857-5231/ CO: Hofheimer's Inc. ST: Virginia IN: REA SU: BCY


DF -- CH017 -- 6624 03/09/92 17:53 EST
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Publication:PR Newswire
Date:Mar 9, 1992
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