THE MAY DEPARTMENT STORES COMPANY AND JCPENNEY CO. TO PURCHASE
WANAMAKER AND WOODWARD & LOTHROP
ST. LOUIS, Mo., and PLANO, Texas--Aug. 8, 1995--The May
Department Stores Company (NYSE: MA) and J.C. Penney Company, Inc.
(NYSE: JCP) today announced that they will acquire HREF="chap11.woodies.html">John Wanamaker and Woodward & Lothrop stores in the
Philadelphia, Washington and
Baltimore market areas. A revised May/JCPenney joint bid in the
amount of $460 million of net distributable value to creditors was
approved at a hearing today in the United States Bankruptcy Court of
the Southern District of New York. May and JCPenney also announced
that they have executed the purchase agreement with Woodward &
Lothrop and John Wanamaker. In addition, May executed an agreement
with the Center City landlord for Hecht's to operate in the Center
City Wanamaker location in downtown Philadelphia.
Under the joint bid, May will acquire 14 Wanamaker stores in the
Philadelphia area and three Woodward & Lothrop stores in Washington,
and JCPenney will acquire seven Woodward & Lothrop stores in the
Washington/Baltimore area. Other details of the bid remain the
same as were announced on July 27, 1995.
David C. Farrell, chairman and chief executive officer of The
May Department Stores Company, said, "We are very pleased to bring
Hecht's to the Philadelphia market and to strengthen both Hecht's
and Lord & Taylor in the Washington market. Hecht's and Lord &
Taylor look forward to serving new customers in these markets."
"JCPenney is gratified and excited to get greater access to this
very important Baltimore/Washington market and to have an
opportunity to serve customers there much more meaningfully and
conveniently," said James E. Oesterreicher, vice chairman and chief
executive officer of J.C. Penney Company, Inc., commenting on the
results of the bidding process. The court order will enable
JCPenney to add seven new stores to its fourteen existing locations
in the Baltimore/Washington area.
May and JCPenney expect that the transaction will be completed
late this month.
/CONTACT: Jim Abrams of The May Department Stores Company,
314-342-6343; or Hank Rusman of JCPenney, 214-431-1316/
UPDATE REGARDING MAY/PENNEY PURCHASE OF WOODWARD & LOTHROP
WASHINGTON, DC--Aug. 8, 1995--Woodward &
Lothrop Incorporated and its John Wanamaker, Philadelphia subsidiary
confirmed that The Honorable Stuart M. Bernstein tonight signed the
order approving May Department Stores Company and J.C. Penney
Company, Inc. as the winning bidders for the purchase of the
majority of the assets of Woodward & Lothrop. Details of the bid
were provided in an earlier announcement today.
/CONTACT: Rivian Bell or Sandra Sternberg of Sitrick And Company,
212-755-2850 or 310-788-2850/
MINI-MICRO SUPPLY COMPANY FILES FOR CHAPTER 11 AND HIRES HOULIHAN
LOKEY TO ADVISE THE SALE OF THE COMPANY
SAN JOSE, Calif.--Aug. 9, 1995--
Mini-Micro Supply Company Inc., a San Jose based distributor of personal computers
and peripherals, announced today that it has filed for protection under
Chapter 11 of the U.S. Banktrupcy Code and is seeking bankruptcy
court approval to engage the investment banking firm of Houlihan
Lokey Howard & Zukin to identify and solicit potential acquirers for
Mini-Micro Supply Company's business.
Founded in 1983, the company's revenues have grown steadily to
$139 million in 1994. Unfortunately, due to the death of its
founder and CEO, a substantial unreimbursed burglary loss at its San
Jose facility, and problems associated with the collection of its
Latin American accounts receivable after the closure of its Miami
operations, Mini-Micro experienced severe cash flow disruption.
"Although the company has recently experienced a cash flow shortage,
it represents a strong opportunity for healthy companies wanting to
expand their market and access new customers through strategic
acquistion," said Houlihan Lokey Senior Vice President Andrew
"The filing has stabilized our operating cash flow to the point
that we have reasonable assurance of our go forward operation for a
much longer period of time than we ever could have projected prior
to the commencement of the case. In short, we have successfully
stabilized our finances to put them on an even operating keel," said
Mini-Micro President Chuck Lejsek.
With more than $100 billion of transaction experience in the
past five years, Houlihan Lokey's clients range from small, closely
held businesses to middle market companies, Fortune 100 corporations
and Forbes 400 families, government agencies and municipalities.
Since it was founded in 1970, the firm has served more than 5,000
With more than 200 employees and eight offices across North
America, Houlihan Lokey offers corporate and public finance, mergers
and acquisitions, financial restructuring, dispute analysis and
litigation support, business and securities valuation solvency,
fairness and ESOP opinions, estate and gift tax valuation and
merchant banking services.
As a national firm, Houlihan Lokey serves its clients from
offices in Los Angeles, New York, Chicago, San Francisco,
Minneapolis, Washington, D.C., Dallas and Toronto.
/CONTACT: Andrew B. Miller of Houlihan Lokey Howard & Zukin,