NEWMARK & LEWIS SEEKS INVESTOR OR BUYER
NEWMARK & LEWIS SEEKS INVESTOR OR BUYER HICKSVILLE, N.Y., Jan. 3 /PRNewswire/ -- Newmark & Lewis Inc.
(AMEX: NLI), a specialty retailer of major appliances and consumer electronic products, announced today that, in consultation with the company's official unsecured creditors' committee, a determination had been made by the company's management to seek to attract a buyer or investor for the Newmark & Lewis chain. In this connection, copies of an offering memorandum were delivered today to interested parties knowledgeable of the industry. The company announced earlier this week that it planned to further down-size its operations into a 14-store operation.
On Aug. 30, 1991, the company filed voluntary petitions for relief under Chapter 11 of the Federal Bankruptcy Code and has been operating 26 stores as a "debtor-in-possession" (the company had closed 12 of its stores in July, 29 stores in August and September, and an additional 12 stores will be closed as part of a revised restructuring plan). The 26- store operation had generated revenues of $131.4 million for the fiscal year ended Jan. 31, 1991 (revenues for these stores were $82.7 million for the nine months ended Oct. 31, 1991); operating income at the store level was $22.2 million for the fiscal year ended Jan. 31, 1991 (before allocable warehousing, general and administrative expenses). On a net results basis, the company reported a net loss of $8.8 million for the year ended Jan. 31, 1991, and has incurred significant losses since that date. -0- 1/3/92 R /CONTACT: Ronald Fleisher, president of Newmark & Lewis, 516-681-6900, ext. 2446/ (NLI) CO: Newmark & Lewis Inc. ST: New York IN: REA SU: FC-SH -- NY009 -- 6439 01/03/92 10:39 EST
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|Date:||Jan 3, 1992|
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