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SERVICE MERCHANDISE ANNOUNCES INVESTIGATION RESULTS IN INDICTMENT OF FORMER EMPLOYEES

 SERVICE MERCHANDISE ANNOUNCES INVESTIGATION RESULTS
 IN INDICTMENT OF FORMER EMPLOYEES
 NASHVILLE, Tenn., March 11 /PRNewswire/ -- Service Merchandise Company, Inc. (NYSE: SME) announced today that an investigation by a federal grand jury here into the activities of two former Company officials, which began over two years ago, has resulted in the indictment of the two former employees and a former Company consultant. The Company stated it has cooperated in the investigation and believes that no current employees are implicated.
 The former employees, Howard Levy and George Foy, and the consultant, Noble Brymer, are alleged to have converted assets of the Company into cash through the use of false security invoices, a scheme which allegedly resulted in the Company filing false tax returns relating to the deductions associated with the false invoices. "If the charges are true, the Company has been a victim of a fraudulent scheme to convert its assets," said Steven A. Riley, the Company's attorney. He added that he expected that a significant part of the loss would be covered by insurance.
 Service Merchandise Company, Inc., "America's Leading Jeweler," operates 359 catalog stores in 36 states.
 -0- 3/11/92
 /CONTACT: Steven A. Riley, Attorney for Service Merchandise, 615-244-5370/
 (SME) CO: Service Merchandise, Inc. ST: Tennessee IN: REA SU: PER


DF -- CH012 -- 7515 03/11/92 17:06 EST
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Publication:PR Newswire
Date:Mar 11, 1992
Words:220
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