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MADISON'S OF COLUMBUS, INC. FILES FOR CHAPTER 11 PROTECTION

 MADISON'S OF COLUMBUS, INC.
 FILES FOR CHAPTER 11 PROTECTION
 COLUMBUS, Ohio, June 11 /PRNewswire/ -- Madison's of Columbus, Inc., a regional women's apparel retailer headquartered here, today filed for reorganization under Chapter 11 of the federal bankruptcy laws.
 In filing for Chapter 11, Madison's listed approximately $12.7 million in assets and $8.4 million in liabilities. With 29 stores in seven states, the company is one of the largest women's apparel retailers between New York and Chicago.
 Benjamin DeWinter, recently named Madison's president and chief executive officer, said, "Like many retailers, the combination of continued sluggishness in the economy and rapid expansion created a liquidity problem for Madison's."
 According to DeWinter, the company is operationally sound and the filing is not expected to affect the normal day-to-day operation of the company's stores or the ability of customers to continue shopping at Madison's. "The filing enables us to refocus the company's efforts on providing value and service to our customers," he said.
 Madison's has hired Benesch, Friedlander, Coplan & Aronoff, a law firm with one of Ohio's top bankruptcy practices, to serve as reorganization counsel. H. Jeffrey Schwartz, chairman of the firm's bankruptcy practice, pointed out, "With the support of existing suppliers and customers, Madison's should emerge from reorganization proceedings well within a year as a viable, but somewhat downsized regional retailer of women's apparel."
 Madison's, which was founded in the 1930's, is a privately-held firm with about 500 employees. The company's stores are located in Ohio, Indiana, Wisconsin, West Virginia, Pennsylvania, Kentucky and Missouri.
 -0- 6/11/92
 /CONTACT: H. Jeffrey Schwartz, 216-363-4635, or Michael K.L. Wager, 614-223-9367, both of Benesch, Friedlander, Coplan & Aronoff, or Cari Orris of Wirtz Public Relations, 216-376-7115 for Madison's of Columbus, Inc./ CO: Madison's of Columbus, Inc. ST: Ohio IN: REA SU: BCY


BM -- CL015 -- 9344 06/11/92 15:16 EDT
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Publication:PR Newswire
Date:Jun 11, 1992
Words:307
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