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STUARTS REPORTS A PROFIT FOR THE SECOND QUARTER AND REDUCES NET LOSS IN THE FIRST HALF OF THE YEAR

 STUARTS REPORTS A PROFIT FOR THE SECOND QUARTER
 AND REDUCES NET LOSS IN THE FIRST HALF OF THE YEAR
 FRANKLIN, Mass., Sept. 8 /PRNewswire/ -- Stuarts Department Stores, Inc. (NASDAQ: STUSQ) and its wholly owned subsidiary, S.D.S., Inc. (collectively, the "company") announced today that for the second quarter ended Aug. 1, 1992, the company recorded a net profit of $227,000, or 5 cents per share, compared to a net profit of $371,000, or 9 cents per share for the same period last year. Total store sales for the second quarter were $28,100,000 vs. $27,800,000 last year.
 For the 26 weeks ended Aug. 1, 1992, the net loss was $28,000 or 1 cent per share, compared to a net loss of $253,000, or 6 cents per share, for last year. Total store sales were $53,300,000 vs. $51,500,000 last year. Sales for the first half of this year were disappointing due to a continued weak New England economy and abnormally cool weather.
 On July 23, 1992, the company and the creditors' committee filed a Joint Plan of Reorganization (the "plan") and disclosure statement with the United States Bankruptcy Court, district of Massachusetts Western Division (the "court"). 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 the issuance of 80 percent of the common stock of the reorganized company to unsecured creditors. The plan is subject to the receipt of appropriate approvals from unsecured creditors and shareholders and confirmation by the court. A hearing on the plan and disclosure statement was held on Sept. 1, 1992. At this hearing, the judge approved the disclosure statement for mailing no later than Sept. 8, 1992, and the confirmation hearing date was set for Oct. 13, 1992.
 On Dec. 7, 1990, the company and its subsidiary 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- 9/8/92
 /CONTACT: Antone F. Moreira of Stuarts, 508-520-4540/
 (STUSQ) CO: Stuarts Department Stores ST: Massachusetts IN: REA SU: ERN


CN -- NE020 -- 7210 09/08/92 17:26 EDT
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Publication:PR Newswire
Date:Sep 8, 1992
Words:451
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