U.S. Bankruptcy court signs order
confirming All For A Dollar's Joint Plan of Reorganization
SPRINGFIELD, Mass.--June, 20, 1995--All For A
Dollar Inc. (NASDAQ: ADLRQ), announced today that the U.S.
Bankruptcy court in Worcester, Mass., signed an order confirming All
For A Dollar's (AFAD) Joint Plan of Reorganization.
The plan shall be deemed confirmed upon AFAD depositing
approximately $3.6 million as a confirmation deposit into a special
account for the exclusive purpose of making distributions pursuant
to the plan. Such deposit must be made on or before June 30, 1995.
AFAD is working toward obtaining at least $1.5 million of the amount
from a private placement of two year notes and warrants. The
balance remaining will be available from cash on hand and borrowing
from the existing line of credit.
Additionally, AFAD announced that on June 14, 1995, Christopher
C. Catjakis voluntarily resigned as an executive officer and
director of AFAD. Catjakis will continued to be employed by the
CONTACT: All For A Dollar, Springfield
Donald A. Molta, 413/733-1203
WAREHOUSE AUTO APPOINTS ACTING CHIEF EXECUTIVE OFFICER
ROCHESTER, N.Y.,--June 21, 1995--Warehouse
Auto Centers, Inc. (OTC Bulletin Board: WHAC) announced today the appointment of
W. John Devine as acting Chief Executive Officer, following the
resignation of Brian S. Thomas, the Company's founder. Mr. Devine,
former Executive Vice President of Toys "R" Us, Inc., was appointed
to the position by the Company's Board of Directors.
"I am pleased to have the opportunity to guide Warehouse Auto
through this difficult period for the Company and its suppliers,"
said Mr. Devine. "In the 70's, Toys 'R' Us went through a
bankruptcy proceeding and look where they are today. I intend to do
everything in my power to create a similar success story for
"The Board is gratified to have attracted a seasoned retailing
executive of John Devine's caliber to help at this critical point in
time," said Nathan Morton, former Comp USA Chief Executive Officer
and a Company Director. "I have personally invested both time and
money in Warehouse Auto because I believe in the validity of the
concept to ultimately position the Company as the nation's
automotive superstore. As a significant shareholder, I will assist
the Company and Mr. Devine in attempting to return the Company to
Mr. Thomas commented, "I concur with the Board that, given the
existing situation, it is imperative to install a retail management
team with significant experience at this time. In view of this,
while remaining on the Board, I have stepped down from my positions
of Chairman, President and Chief Executive Officer."
Warehouse Auto Centers, Inc., currently operates a single
automotive warehouse store in Rochester, New York. The Company
closed its Cleveland, Ohio, warehouse on June 17, 1995, to
concentrate on the payment of its suppliers and the validation of
Federated to expand Macy's presence in
capital area through Woodward & Lothrop purchase
CINCINNATI, OH--June 21, 1995--Federated Department
Stores, Inc. announced today that, as part of a plan to
strategically expand the presence of its Macy's division in the
Washington/Baltimore market, it has reached an agreement with HREF="chap11.woodies.html">Woodward & Lothrop Incorporated and John Wanamaker,
Philadelphia to purchase a minimum of 11 Woodies' stores in those markets. In
addition, subject to the satisfaction of certain undisclosed
conditions, Federated also will acquire the Wanamaker store in
Federated is one of four members of a group working together to
purchase most of the assets of Woodward & Lothrop/Wanamaker's. Other members of
the bidding group include retailers Strawbridge & Clothier and Boscov's Department
Stores, and The Rubin Organization,
Inc., a Philadelphia-based real estate developer.
Terms of the agreement, including the purchase price and which
specific properties Federated will acquire, were not disclosed. A
definitive purchase agreement will be finalized shortly, and will be
subject to Bankruptcy Court approval as part of the Woodward &
Lothrop/Wanamaker's Chapter 11 reorganization.
Federated, with annual sales of more than $14 billion, is the
nation's leading premier department store retailer. In addition to
two Bloomingdale's stores in suburban Washington, Federated's Macy's
East division, headquartered in New York, currently operates three
Macy's stores in the Washington, D.C. area and three in Baltimore.
"This acquisition is a natural extension of our presence in this
very desirable market, as well as a way for us, in one stroke, to
strategically achieve meaningful coverage for our stores in the
Washington and Baltimore areas," said Allen Questrom, Federated's
chairman and chief executive officer.
Questrom also noted that a significant component of its offer to
purchase the Woodies stores included an agreement to offer
employment to substantially all current Woodies and Wanamaker store
employees in those stores that Federated acquires.
"We are tremendously excited about the prospect of significantly
increasing our presence in the Washington and Baltimore markets,
adding onto the solid retail base that we already have established
with our existing six stores there," said Hal Kahn, chairman of the
Macy's East division of Federated. "With this expansion,
Washington/Baltimore will be a significant market for us, and we
will have a significant presence in this market that will allow us
to do considerably more of benefit to our customers in terms of
advertising, customer promotions, special events and community
"Woodies stores traditionally have had strong ties to the
Washington and Baltimore communities, along with a tremendously
loyal customer following and some exceptionally talented employees,"
Kahn continued. "We recognize, respect and value all of these
factors, because they are an integral part of what Woodies and
Macy's hold in common. Once these stores come together, the best of
both organizations will be nurtured and preserved, and in that
process there is no question but that the customer will benefit."
Macy's East is Federated's largest department store division,
with annual sales totaling approximately $4.9 billion. Currently,
it operates 92 stores under the Macy's and Jordan Marsh nameplates
in 14 states, including Delaware, Maryland, Pennsylvania, Rhode
Island and Virginia in the Mid-Atlantic region.
CONTACT: Federated Department Stores, Inc., Cincinnati
Media - Carol Sanger, 513/579-7764
Investor - Susan Robinson, 513/579-7780
Clinton Gas Systems reaches agreement with Columbia Gas Transmission Corp.
COLUMBUS, Ohio--June 21, 1995--At its annual
shareholders meeting yesterday, Jerry D. Jordan, chairman of Clinton
Gas Systems Inc. (NASDAQ:CGAS), announced that CGAS had
reached agreement with Columbia Gas Transmission
Corp. to settle its bankruptcy claim against Columbia.
Jordan reported that CGAS should realize approximately $5
million from the claim, with additional funds to be allocated among
certain drilling programs sponsored by the company. Jordan said
that the settlement proceeds will initially be used to reduce debt,
to allow CGAS more flexibility in financing its oil and gas
exploration efforts and gas marketing business.
CGAS also announced that it has recently drilled a new discovery
well in Licking County, Ohio, which is producing at the rate of 300
barrels of oil per day during its first weeks of operation. Jordan
said that CGAS, through its operating subsidiary, The Clinton Oil
Co., (``Clinton'') has a large lease block around the discovery
well. The new well produces from the Rose Run formation. Jordan
said he expected that Clinton would drill approximately 50 wells and
participate in another 30 wells drilled by others during 1995.
Clinton Gas Systems Inc., is an Ohio corporation which, through
its subsidiaries, is engaged in the business of natural gas and oil
exploration, production and marketing and industrial energy
management. With principal offices located at 4770 Indianola Ave.,
Columbus, Ohio, 43214, its shares are traded on the NASDAQ Stock
Market under the symbol ``CGAS.''
CONTACT: Clinton Gas Systems Inc., Columbus
Jerry D. Jordan, 614/888-9588
STUARTS BOARD APPROVES DEPARTMENT STORE CHAIN LIQUIDATION OR SALE
FRANKLIN, Mass.,--June 21, 1995-- Stuarts
Stores, Inc. announced today that its Board of Directors had
approved the orderly liquidation or sale in Chapter 11 of the
department store chain. The Company stated that the Company's
management was exploring various alternatives by which the
liquidation or sale can be effected and that it intended to
formulate a plan for the liquidation or sale as promptly as
Stuarts stated that its Board of Directors' determination had
been affected by a number of factors, including, in particular, poor
sales and operating results achieved over the Father's Day selling
period. The orderly liquidation or sale will involve the closing or
the sale of the remaining Stuarts stores and is likely to take a
number of months to complete. Stuarts reported further that any
liquidation or sale would be subject to obtaining the requisite
approval of the Company's secured creditor, the Official Committee
of Creditors in the bankruptcy proceeding and the Bankruptcy Court
and, accordingly, there can be no assurance that a plan for the
liquidation or sale formulated by the Company's management will be
Stuarts stated that, although it does not presently believe that
the liquidation or sale will result in any distribution of
liquidation proceeds to its shareholders, the amount, if any,
available for distribution to the Company's unsecured creditors
could not presently be estimated.
CONTACT: Dave Ferguson of Stuarts, 508-520-4540/
STRAWBRIDGE & CLOTHIER ACQUIRES SIX JOHN WANAMAKER STORES
PHILADELPHIA, PA--June 21, 1995--Strawbridge & Clothier
(Nasdaq: STRWA) announced today that it has agreed to acquire six
John Wanamaker stores. The agreement is subject to approval of the
Wanamakers, which is currently operating a total of 14
department stores in Strawbridge's trading area, is a part of
Woodward & Lothrop. In addition to the Wanamaker stores, "Woodies"
operates 15 department stores in the Washington, D.C. area.
Woodward & Lothrop and John Wanamakers have
been in bankruptcy since January, 1994.
Strawbridge & Clothier is one of four partners who have been
working together as a group in order to purchase Woodward & Lothrop
and Wanamakers. The other members of the group are: Federated
Department Stores, The Rubin Organization and Boscov's Department
Strawbridge & Clothier has agreed to hire substantially all of
the John Wanamaker employees at the six locations and looks forward
to having them join the Strawbridge & Clothier Store Family.
The acquisition of the Wanamaker stores will bring to 19 the
total number of department stores which Strawbridge & Clothier
operates in southeastern Pennsylvania, southern New Jersey and
northern Delaware. Those 19 department stores and the 26 Clover
stores which the Company operates within the same region will
enhance Strawbridge & Clothier's position as the largest general
merchandise retailer within its trading area.
CONTACT: F.R. Strawbridge III, 215-629-6456, or P.S. Strawbridge,
215-629-6607, both of Strawbridge & Clothier/
Rubin Organization acquires five properties in sale of Woodward & Lothrop
PHILADELPHIA, Pa--June 21, 1995--It was announced
today that the board of directors of Woodward &
Lothrop Incorporated had authorized the sale of most of the company's assets to a
four-member bidding group composed of Federated Department Stores, Inc.,
Strawbridge & Clothier, The Rubin Organization, and Reading,
Pa.-based Boscov's Department Store, Inc. It is anticipated that
the purchase agreement will be finalized within days. It is subject
to the approval of the Bankruptcy Court.
"We saw an exceptional opportunity to acquire retail properties
in outstanding locations, together with an excellent group of
partners," said Ronald Rubin, CEO of The Rubin Organization.
The Philadelphia-based Rubin Organization, a full service real
estate company, currently manages and leases a portfolio of 27
million square feet, including 15 million square feet in retail, 6
million square feet of office space and 6200 rental, cooperative and
condominium residential properties. The company has locations in 15
states and employs 1200 people.
CONTACT: The Rubin Organization
Judith Garfinkle, 215/875-0131
NASDAQ REMOVES EPE STOCK FROM NASDAQ NATIONAL MARKET
EL PASO, Texas,--June 21, 1995--El Paso
Electric (Nasdaq: ELPAQ) (EPE)announced today that on June 21, 1995, the Listing
Qualifications Committee of the National Association of Securities
Dealers, Inc. (Nasdaq) notified EPE that effective June 22, 1995,
the company's common stock will no longer be listed or traded on the
Nasdaq National Market System.
The decision was made because the company currently fails to
meet the net tangible asset listing requirement for inclusion in the
National Market System, and "that with the termination of the
proposed merger with Central and South West Corporation there
currently does not exist a definitive plan for immediate or near
term compliance." The failure to meet the quantitative listing
requirements is due to the extraordinary write-offs taken by EPE
following the filing of its petition for reorganization under
Chapter 11 of the U.S. Bankruptcy Code.
The company intends to appeal the decision of the Listing
Qualifications Committee to the Board of Governors of the Nasdaq.
EPE is taking steps to arrange for the common stock to be traded
through the Nasdaq's OTC Bulletin Board beginning as soon as
possible. If the common stock is traded through the OTC Bulletin
Board, pricing information is available through brokers, although
the information will not be published in the financial section of
newspapers. Individuals also can call EPE's toll-free phone number
to learn the high/low/closing price and trade volume of EPE common
stock on the previous business day.
EPE filed a voluntary petition under Chapter 11 of the United
States Bankruptcy Code on Jan. 8, 1992. El Paso Electric is an
electric utility serving approximately 270,000 customers in El Paso,
Texas, and an area of the Rio Grande Valley in West Texas and
Southern New Mexico, and to wholesale customers located in such
diverse locations as Southern California and Mexico.
/CONTACT: Alan Lee Bunnell, national and regional media, corporate
spokesperson, 915-543-5823, or Henry Quintana Jr., local media,
supervisor of corporate communications, 915-543-5824, or John
Droubay, financial analysts, treasurer, 915-543-5710, or stockbrokers and
shareholders: Office of the Secretary, 800-592-1634 or 800-351-1621,
all of El Paso Electric./