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STUARTS DEPARTMENT STORES REPORTS IMPROVED PERFORMANCE FOR FIRST QUARTER

STUARTS DEPARTMENT STORES REPORTS IMPROVED PERFORMANCE FOR FIRST QUARTER
 FRANKLIN, Mass., June 3 /PRNewswire/ -- Stuarts Department Stores, Inc., (NASDAQ: STUSQ) today reported a significant reduction in net loss for the first quarter of this fiscal year vs. last year.
 For the 13 weeks ended May 2, 1992, total store sales were $25,165,000 compared with $23,713,000 in the first quarter last year. The net loss was $255,000, or 6 cents per share, in this year's first quarter, compared to a net loss of $623,000, or 15 cents per share last year. On a same-store basis, sales increased by 6.1 percent.
 It was previously announced that the company and the Official Committee of Unsecured Creditors had agreed in principal on the terms of a proposed joint plan of reorganization, subject to documentation being filed with the United States Bankruptcy Court for the District of Massachusetts (Western Division) and receipt of appropriate approvals.
 The terms of the proposed plan provide for payment to unsecured creditors in the form of three cash payments aggregating approximately 37 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 proposed plan also provides for issuance of 80 percent of the common stock of the reorganized company to unsecured creditors. The company plans to continue its retail operations under the proposed plan. The company and its subsidiary filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on Dec. 7, 1990.
 Joseph Ettore, president, stated, "Although sales increased 6.1 percent above last year, the performance of the apparel and seasonal merchandise departments were below plan due to unseasonably cold weather in New England." Ettore also noted that "we are extremely pleased at the likelihood of the company emerging from Chapter 11 in early September of this year and are also looking forward to the opening of two new stores located in Haverhill and Lawrence, Mass., in August 1992."
 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- 6/3/92
 /CONTACT: Antone F. Moreira of Stuarts, 508-520-4540/
 (STUSQ) CO: Stuarts Department Stores ST: Massachusetts IN: REA SU: ERN


CN -- NE013 -- 6657 06/03/92 14:45 EDT
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Publication:PR Newswire
Date:Jun 3, 1992
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