HORNE'S LONG-RANGE FUTURE ASSURED BY DEBT RESTRUCTURING AGREEMENT
HORNE'S LONG-RANGE FUTURE ASSURED BY DEBT RESTRUCTURING AGREEMENT PITTSBURGH, Feb. 3 /PRNewswire/ -- Joseph Horne Co., Inc. today announced it has successfully completed a debt restructuring agreement that will significantly reduce the company's debt burden and put it on sound long-term financial footing. As a result, Horne's officials noted, the company is moving ahead with vigor and purpose, supported by a five-year, $87 million credit extension it has obtained from its senior lenders. "We have done what we promised we would do last September," said Michael L. Pulte, Horne's president and chief executive officer. "We have new financing in place, new merchandise on our shelves, and a strong sense of confidence as we go forward into the spring seasonthat this de bt restructuring agreement with its major secondary lef America, Mitsui & Co., Massachusetts Mutual Life Insurance Co., Merril's financial reonced employees.
We have loyal customers and quality merchandise. We also have the backing of our financial institutions, led by Pittsburgh National Bank. With this kind of support, we can look forward to a bright future."
Joseph Horne Co., Inc. is an independently owned department store chain concentrating on fashion and quality merchandise. The company currently operates 15 stores in Pittsburgh, Erie, Pa., Youngstown, Ohio, and Cleveland with a total of more than 2,500 employees. Horne's was established in 1849 by Joseph Horne in Pittsburgh. It was acquired by Associated Dry Goods, a New York-based department store group, in 1986. -0- 2/3/92 /CONTACT: Michael Pulte, president and chief executive officer of Horne's, 412-553-8383/ CO: Joseph Horne Co., Inc. ST: Pennsylvania IN: RET SU:
CG -- CL003 -- 6088 02/03/92 10:47 EST
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|Date:||Feb 3, 1992|
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