Printer Friendly

VALUE CITY DEPARTMENT STORES COMPLETES GEE BEE STORES ACQUISITION AND ISSUES $50 MILLION OF SENIOR NOTES

 VALUE CITY DEPARTMENT STORES COMPLETES GEE BEE STORES ACQUISITION
 AND ISSUES $50 MILLION OF SENIOR NOTES
 COLUMBUS, Ohio, Sept. 21 /PRNewswire/ -- Value City Department Stores, Inc. (NYSE: VCD) today announced that it concluded its transaction to acquire GB Stores, Inc. The transaction, which was overwhelmingly approved by shareholders on Sept. 17, gave GB Partnership 1,312,500 shares in exchange for the company, which operates 17 Gee Bee Stores.
 Also, Value City announced that it has agreed in principle to issue $50 million of five year senior notes bearing an interest rate of 5.73 percent. The proceeds of these notes will be used to eliminate GB Stores, Inc. debt, covert Gee Bee Stores to Value City, as well as fund capital expenditures for both store and warehouse expansion.
 Jay Schottenstein, Value City Department Stores' chairman, noted, "Several Gee Bee Stores have already been converted to the Value City format sales of which have greatly exceeded our expectation. We plan to convert five stores in October, 1992 and four stores in February of next year."
 Value City Department Stores Inc., a full-line, off-price department store chain, operates 75 stores throughout the Midwest and East.
 -0- 9/21/92
 /CONTACT: George Kolber, vice president, administration of Value City Department Stores, 614-478-2255, or Lynn Morgen, Amy Ludwig, or Brad Miller of Morgen-Walke Associates, 212-986-5900, for Value City Department Stores/
 (VCD) CO: Value City Department Stores, Inc.; GB Stores, Inc. ST: Ohio IN: REA SU: TNM


LD-TM -- NY007 -- 1477 09/21/92 08:30 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 21, 1992
Words:252
Previous Article:MCDONALD'S TO SET-UP MOBILE RESTAURANT TO PROVIDE 125,000 FREE MEALS TO HOMESTEAD HURRICANE VICTIMS
Next Article:FLORIDA POWER & LIGHT COMPANY ON ELECTRICAL SAFETY - GENERATORS
Topics:


Related Articles
VALUE CITY ANNOUNCES RECORD THIRD QUARTER RESULTS
VALUE CITY DEPARTMENT STORES ANNOUNCES SEPTEMBER SALES RESULTS
VALUE CITY REPORTS RECORD EARNINGS
Elder-Beerman Second Quarter Operating Results Up Sharply
Elder-Beerman Reports Third Quarter Operating Gains
Elder-Beerman Reports November Sales
Value City Department Stores, Inc. Reports Earnings
/FROM PR NEWSWIRE CLEVELAND 216-566-7777/ TO BUSINESS EDITOR:.
Elder-Beerman Announces Fourth Quarter and Year End Earnings Expectations.
Elder-Beerman Reports Record Earnings for Fiscal 1998.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters