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STUARTS MAKES FINAL PAYMENT TO UNSECURED CREDITORS UNDER REORGANIZATION PLAN

 FRANKLIN, Mass., Dec. 29 /PRNewswire/ -- Stuarts Department Stores, Inc. (NASDAQ: STUSQ) announced that the company made its final cash payment to unsecured creditors by depositing today $5 million in an unsecured creditor's fund established under the company's plan of reorganization adopted in connection with the company's emergence from chapter 11 bankruptcy proceedings in October 1992. Distributions from the fund to unsecured creditors are expected to be completed by mid- January 1994.
 The company noted that it had used funds generated by its operations rather than from the company's recently established credit facility with Foothill Capital Corp., to make today's $5 million cash payment to unsecured creditors.
 "The company is pleased that the reorganization has been successful and, despite the continued weak New England retailing environment, has positioned Stuarts to compete effectively in its targeted markets," said Denis T. Lemire, president of Stuarts. He added, "we are appreciative of the support provided to us by our customers, employees and vendors during the post-reorganization period."
 Headquartered in Franklin, Mass., Stuarts 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 stores well a wide variety of general merchandise satisfying the clothing, home, recreation and convenience needs of middle-income families.
 -0- 12/29/93
 /CONTACT: Antone F. Moreira of Stuarts Department Stores, 508-520-4540, ext. 5222/
 (STUSQ)


CO: Stuarts Department Stores, Inc. ST: Massachusetts, New Hampshire, Rhode Island, Vermont, Maine IN: REA SU:

JL -- NE005 -- 7823 12/29/93 14:45 EST
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Publication:PR Newswire
Date:Dec 29, 1993
Words:256
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