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HORNE'S REACHES AGREEMENT WITH DILLARD AND DEBARTOLO

 HORNE'S REACHES AGREEMENT WITH DILLARD AND DEBARTOLO
 PITTSBURGH, Feb. 26 /PRNewswire/ -- Joseph Horne Co., Inc., announced that it has reached an agreement in conjunction with the current lawsuit with Dillard Department Stores Inc. and The Edward J. DeBartolo Corporation.
 Under the terms of the agreement, Dillard and DeBartolo will purchase Horne's four Cleveland-area stores and its Southern Park store in Boardman, Ohio. Horne's will continue to own and operate without interruption its 10 remaining stores and warehouse serving Greater Pittsburgh and Erie, Pa.
 "We are very pleased with the agreement we have reached," said Michael L. Pulte, Horne's president and chief executive officer. "It will make our operations much stronger, more efficient and more profitable. This agreement will enable us to offer our customers even better merchandise and service now and for many years to come."
 Horne's will continue to operate its Ohio stores until the transaction is finalized, at which time Horne's Ohio stores will be owned and operated by Higbee's, the Cleveland-based department store chain owned by Dillard/DeBartolo. The agreement also includes the transfer of charge accounts associated with Horne's Ohio stores and a commitment with respect to offering jobs to the employees of the Ohio stores.
 "We are pleased we could settle this matter without a prolonged and costly trial," Pulte added. "All parties will benefit and Horne's overall performance will be substantially improved. That is great news for our customers, our employees, our shareholders and our communities. Horne's will be able to make its most successful stores even better as a result of the sale. We will continue to invest in these stores and to open additional ones to serve our loyal customers in these markets."
 /delval/
 -0- 2/26/92
 /CONTACT: Phil Rossin of Horne's, 412-553-8133/ CO: Joseph Horne Co., Inc.; Dillard Department Stores Inc.;
 The Edward J. DeBartolo Corporation ST: Pennsylvania, Ohio IN: REA SU: TNM


DM -- PG008 -- 2897 02/26/92 14:59 EST
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Publication:PR Newswire
Date:Feb 26, 1992
Words:322
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