SANMARK-STARDUST TO CHANGE NAME TO MOVIE STAR, INC.
SANMARK-STARDUST TO CHANGE NAME TO MOVIE STAR, INC. NEW YORK, Nov. 4 /PRNewswire/ -- Mark M. David, chairman of Sanmark-
Stardust, Inc. (AMEX: SMK) today announced that the company's board of directors has unanimously approved a measure to change the company's name to Movie Star, Inc. The change of name will be implemented in January 1993, subject to the approval of shareholders at the company's regularly scheduled annual meeting, to be held on Tuesday, Dec. 8, 1992. Concurrent with the name change, the company also intends to change its American Stock Exchange trading symbol from "SMK" to an as-yet undetermined new symbol.
Commenting further, David said, "For more than 40 years, the Movie Star label has been recognized by the retail market for quality, style and favorable prices. Since acquiring a majority interest in Movie Star in 1987, we have found this long-standing reputation to be a tremendous asset to our business. As such, we have decided to take this action so that our overall corporate identity may be tied more distinctly to the Movie Star name. We believe that by identifying more fully with the Movie Star name, our company will be better able to build upon its existing reputation with a recognizable name that will appeal to both the retail and financial markets." In November 1987, Sanmark-Stardust acquired 64.5 percent of the outstanding shares of common stock of Movie Star, Inc., a publicly held corporation. In January 1988, the company successfully completed a tender offer for essentially all the remaining outstanding shares of Movie Star's common stock. Sanmark-Stardust, Inc. designs, manufactures, markets and sells an extensive line of ladies sleepwear, robes, leisurewear, loungewear, panties and daywear; men's work and leisure shirts; children's clothing; and also operates 26 retail outlet stores. -0- 11/4/92 /CONTACT: Saul Pomerantz of Sanmark-Stardust, Inc., 212-684-3400; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Sanmark-Stardust, Inc./ (SMK) CO: Sanmark-Stardust, Inc.; Movie Star, Inc. ST: New York IN: TEX SU:
JB-AW -- FL005 -- 2349 11/04/92 09:40 EST
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|Date:||Nov 4, 1992|
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