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MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC. ANNOUNCES ACCELERATED EXPANSION PROGRAM

 MAC FRUGAL'S BARGAINS - CLOSE-OUTS INC.
 ANNOUNCES ACCELERATED EXPANSION PROGRAM
 DOMINGUEZ, Calif., Sept. 21 /PRNewswire/ -- Mac Frugal's Bargains - Close-Outs Inc. (NYSE: MFI) announced today an aggressive expansion program for fiscal 1993 and 1994 consisting of opening 36 new stores per year, in addition to 12 new stores to be opened during the second half of 1992.
 In commenting, Len Williams, president and chief executive officer, said that it had taken a year to strengthen the infrastructure necessary to support such an expansion. He further added that the expansion will be funded from internal cash flow and existing credit facilities. Only a small increase in warehouse and corporate overhead would be added.
 This phase of the expansion will primarily take place in California, which is the company's home base and strongest market. While the continuing recession is generally tough on business, it has created opportunities in real estate that have not been seen in recent years.
 The company operates a chain of 195 retail stores in 12 states. These stores, which do business as Pic 'N' Save and Mac Frugal's Bargains - Close-Outs, feature a wide variety of first quality general merchandise obtained through manufacturer close-outs, overruns, discontinued lines and packaging changes. An ever-changing assortment of merchandise is typically sold at 40 percent to 70 percent off regular retail prices. Until recently, the company operated as Pic 'N' Save Corp.
 -0- 9/21/92
 /CONTACT: Phil Carter, senior VP and CFO, 310-761-4167, or Dan Felsenthal, controller, 310-761-4104, both of Mac Frugal's/
 (MFI) CO: Mac Frugal's Bargains - Close-Outs Inc. ST: California IN: REA SU:


LS-JB -- LA019 -- 1791 09/21/92 15:13 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
Words:269
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