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JAMESWAY SIMPLIFIES TOP MANAGEMENT REPORTING STRUCTURE; REDUCES STAFFING AT HEADQUARTERS BY 14 PERCENT

 SECAUCUS, N.J., July 21 /PRNewswire/ -- Jamesway Corporation (NYSE: JMY) today announced management changes and a headquarters staff reduction that it said will reduce costs, simplify decision-making and create a more direct reporting structure.
 The company said three long-time Jamesway executives have been given increased responsibilities. Barry Rockland, 50 years old and an Executive Vice President, now oversees Finance, Distribution, Management Information Systems and Legal. Thomas Kiley, 48 years old, formerly Senior Vice President, Hardlines, has been promoted to Executive Vice President with responsibility for all Merchandising and Store Operations. Randy Solomon, 43 years old, a corporate Vice President, has been name Director of Store Operations reporting to Kiley.
 The new management structure calls for the heads of five other departments -- Real Estate, Loss Prevention, Human Resources, Advertising and Planning and Maintenance -- to report directly to Joseph Ettore, Jamesway's President and Chief Executive Officer.
 The company also said it had eliminated 70 jobs at its home office, primarily in the information systems and merchandising divisions, as well as other support and operations departments. The company said the payroll costs and expenses associated with these positions approach $4 million annually. The company said it anticipates no further cuts at this time.
 "This move will substantially lower our costs at corporate headquarters, while creating a simplified reporting structure that should increase our ability to react to changing conditions and opportunities and tighten control over operations and support functions," said Ettore.
 Jamesway said it was continuing its review of the performance, profitability and productivity of each of its individual stores. As announced Monday, Jamesway has obtained a $75 million line of credit facility from CIT Group/Business Credit to augment existing cash to finance operations during its reorganization under Chapter 11. Approval of the facility by the Bankruptcy Court is expected shortly.
 Jamesway Corporation operates 108 discount department stores in seven mid-Atlantic states.
 -0- 7/21/93
 /CONTACT: David Sternstein or Joseph Kist of Howard J. Rubenstein Associates, 212-489-6900, for Jamesway/
 (JMY)


CO: Jamesway Corporation ST: New Jersey IN: REA SU: PER

LJ-MP -- PH015 -- 3850 07/21/93 10:26 EDT
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Publication:PR Newswire
Date:Jul 21, 1993
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