SEATTLE, Washington -- September 5, 1995 --
Today Jay Jacobs, Inc. (Nasdaq:
JAYJQ) announced the opening of four new stores as the company
continues its turnaround efforts. This targeted expansion is
designed to improve the company's performance by focusing on
profitability on a store-by-store basis.
"I have always believed that careful and strategic expansion
would be an important part of our restructuring efforts here at Jay
Jacobs," said President and CEO Rex Steffey. "Based on the success
of our new store in Olympia, and our other recently expanded
locations, we continued to search for opportunities and identified
these four sites."
All four of the new stores will operate under the Jay Jacobs
name, capitalizing on the most successful store concept in the
chain. The new locations are:
In the 15 months since filing for Chapter 11 protection, the
company has made significant strides in its reorganization process
including the closing of more than 100 underperforming locations,
the selection of a new management team and the introduction of a
unique off-price concept called d.d. sloane. The company plans to
open 10 new stores this year.
In addition, Steffey and his management team have refocused the
company's merchandising strategy in order to reach a broader base of
core customers by developing and implementing a key item strategy
and increasing the amount of private label merchandise available at
Jay Jacobs as well as maintaining a strong emphasis on current
fashion. Based on this progress, the company is moving aggressively
towards reorganization, with a target confirmation date of late fall
of this year.
"Based on the steady improvement we have witnessed over several
months and the cooperation we have received from our creditors
committee, I am optimistic that we will meet our target emergence
date of fall of 1995," added Steffey.
Seattle-based Jay Jacobs, Inc. carries fashionable merchandise
for young women and men in its 158 apparel stores located primarily
in regional shopping malls in Western and Northwestern states.
/CONTACT: Carreen Winters of MWW/Strategic Communications, Inc.
Public Relations, 201-507-9500/
HERSHEY, Pennsylvania -- September 5, 1995 -- href="chap11.nuclear.html">Nuclear Support Services,
Inc. (Nasdaq: NSSI) today has filed a voluntary petition for
11 Reorganization in the U.S. Bankruptcy Court for the Middle
District of Pennsylvania.
Ralph A. Trallo, President and COO, stated that the move became
necessary as a result of a decision by the Company's lenders to
cease funding on Friday, September 1, 1995. "We are extremely
disappointed in the decision by First Fidelity and Chemical Bank to
cease funding Company operations. Although admittedly in default of
certain loan covenants, as previously reported, the Company has been
timely in all of its repayment obligations under its credit facility
and its assets remain well in excess of its liabilities. Moreover,
our management team has been working diligently with lender
representatives to resolve differences and develop workable
revisions to present loan covenants. We have been negotiating in
good faith with our lenders right up through last week when the
cessation of funding on Friday, September 1, 1995, caused NSSI
subsidiary Oliver B. Cannon & Son, Inc. to file for bankruptcy
protection on Friday afternoon."
NSSI and its remaining subsidiaries plan to follow suit this
morning. These companies will carry on operations as debtors in
possession while they seek to restructure their financing
arrangements. Mr. Trallo states that the companies plan to file a
joint plan of reorganization as soon as possible.
/CONTACT: Ralph A. Trallo, President and COO of Nuclear Support
DALLAS, Texas -- September 5, 1995 -- href="chap11.usbrass.html">Eljer
Industries, Inc. (NYSE:ELJ) announced today it has successfully
negotiated an amendment that extends the maturity of its U.S. term
debt agreement to January 1997 from April 1996. At July 2, 1995,
the Company had term debt of $78.5 million. Under the terms of the
amendment a principal payment of $3 million was made at the time of
the extension and scheduled principal payments totaling $8 million
are due in 1996 with the balance becoming due on the January 31,
1997 maturity date. A $200,000 fee was paid by Eljer at the closing
of the amendment to the agreement.
The debt agreement previously called for an $11 million
principal payment in December 1995 and a final maturity date of
April 1996. A $3 million December 1996 principal payment may be
accelerated to April 1996 if certain conditions related to the U.S.
Brass bankruptcy proceeding are not met.
Scott G. Arbuckle, President and Chief Executive Officer of
Eljer Industries, commented: "We are pleased by our bank group's
cooperation in extending our U.S. term debt maturity."
Eljer Industries, Inc. is a leading manufacturer and marketer
of high quality building products, including plumbing, heating and
ventilating products, for the residential and commercial
construction, remodeling and repair, and do-it-yourself markets.
CONTACT: Eljer Industries, Inc., Dallas,
Brooks Sherman, (214) 407-2600
Morgen-Walke Associates, New York,
Lynn Morgen/June Filingeri,
Media contact: Stan Froelich
Ken Pieper, (214) 663-9390 (in Dallas)