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STUARTS AND THE CREDITORS' COMMITTEE ARE FILING A PROPOSED PLAN OF REORGANIZATION AND DISCLOSURE STATEMENT

STUARTS AND THE CREDITORS' COMMITTEE ARE FILING A PROPOSED PLAN OF
 REORGANIZATION AND DISCLOSURE STATEMENT
 FRANKLIN, Mass., July 23 /PRNewswire/ -- Stuarts Department Stores, Inc. (NASDAQ: STUSQ) and its wholly owned subsidiary, S.D.S., Inc. (collectively, the "company") announced today that the company and the official committee of unsecured creditors (the "creditors' committee") have filed a plan of reorganization and disclosure statement with the U.S. bankruptcy court for the District of Massachusetts (western division).
 The terms of the plan provide for payment to unsecured creditors in the form of three cash payments aggregating approximately 36 percent of the total amount of allowable unsecured claims as follows: $5.2 million upon confirmation, $6 million on Dec. 31, 1992 and $5 million on Dec. 31, 1993. The plan also provides for issuance of 80 percent of the common stock of the reorganized company to unsecured creditors. The plan is subject to the approval of certain classes of creditors and equity security holders and confirmation by the bankruptcy court.
 On Dec. 7, 1990, the company filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code.
 Stuarts Department Stores, Inc. operates 20 self-service discount department stores located in Massachusetts, New Hampshire, Rhode Island, Vermont and Maine, 19 under the name "Stuarts" and one under the name "Harry's." The company's stores sell a wide variety of general merchandise selected to satisfy the clothing, home, recreational and convenience needs of the blue collar and middle income family.
 -0- 7/23/92
 /CONTACT: Joseph Ettore of Stuarts, 508-520-4540/
 (STUSQ) CO: Stuarts Department Stores ST: Massachusetts IN: REA SU:


TM -- NE016 -- 2785 07/23/92 17:23 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
Words:275
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