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VALUE MERCHANTS SEEKS EXTENDED PAYMENT TERMS FROM LANDLORDS AND TRADE CREDITORS TO MEET REQUIREMENTS OF PROPOSED CREDIT FACILITY

 MILWAUKEE, June 23 /PRNewswire/ -- Value Merchants, Inc. (NYSE: VMI) today asked certain of its creditors including landlords, trade creditors and other lenders for extended payment terms, according to Steven J. Appel, president and chief executive officer. The requests are being made as required under a proposed two year $65 million credit facility to refinance existing debt and provide for on-going working capital needs. "Terms of the proposal include negotiation of a definitive credit agreement and other material conditions, including the participation of the company's current bank group and others in the facility on terms acceptable to the proposed lender, substantial modifications of agreements with other lenders and the deferred payment of a substantial portion of trade payables, rents and other obligations until December 31, 1993," he said.
 "We expect to be in contact with virtually all our lenders, vendors and landlords asking their support in meeting the conditions of this proposal," Appel said, "but there are no assurances that all these conditions can be met."
 The operations of Value Merchants, Inc. include about 420 Everything's $1.00 close-out variety stores and 121 Toy Liquidators close-out toy stores. Additionally, the company operates the nation's largest wholesaler of close-out toys.
 -0- 6/23/93
 /CONTACT: Jeffrey Remsik of Zeppos, Remsik, Mueller, 414-481-6237, for Value Merchants, Inc./
 (VMI)


CO: Value Merchants, Inc. ST: Wisconsin IN: REA SU: FNC

BM -- CL006 -- 4880 06/23/93 09:26 EDT
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Publication:PR Newswire
Date:Jun 23, 1993
Words:234
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