SYMBOL: HIS (TSX)
LAVAL, QC, Sept. 28, 2011 /CNW Telbec/ - Hart Stores Inc. (TSX: HIS)
announces that it today obtained an Order from the Québec Superior
Court under the Companies' Creditors Arrangement Act (Canada) extending the stay period granted under the
previously-announced Initial Order obtained by Hart Stores on
August 30, 2011.
Today's Order extends the stay period from September 29, 2011 to
November 4, 2011. During this period, all proceedings on the part of
Hart Stores' creditors are stayed.
The Order also created a charge over all of Hart Stores' assets, in an
amount of up to $2 million, in favour of Hart Stores' suppliers for
certain goods and services provided after August 30, 2011, the date of
the Initial Order under the CCAA. The charge is subordinate to
security held by Hart Stores' existing secured creditors.
RSM Richter Inc. has been appointed Monitor pursuant to the Initial
Order. All inquiries regarding the CCAA proceedings affecting Hart
Stores should be directed to the Monitor. A copy of today's Order will
be made available and may be viewed on the Monitor's website at http://www.rsmrichter.com/restructuring/HartStores.aspx.
About Hart Stores Inc.:
Hart Stores Inc. operates a network of 92 mid-sized department stores
under the Hart, Bargain Giant and Géant des Aubaines banners. The
stores are located in secondary and tertiary markets throughout Eastern
Canada where the Company has established a dominant position in many of
the communities that it serves. The stores offer an extensive and
differentiated selection of national and exclusive fashion apparel
brands as well as family footwear, home furnishings, giftware, toys and
Forward-Looking Statements and Disclaimer
Certain statements included in this press release may constitute
"forward-looking statements" within the meaning of the Canadian
securities legislation. Forward-looking statements are based on the
best estimates available to Hart Stores at the time and involve known
and unknown risks, uncertainties and other factors that may cause
Hart Stores' actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
A description of the risks affecting Hart Stores' business and
activities appears under the heading "Risks & Uncertainties" in
Management's Discussion and Analysis on pages 18 to 20 of Hart Stores'
2011 Annual Report, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the
forward-looking information in this press release will transpire or
occur, or if any of them do so, what benefits that Hart Stores will
derive therefrom. In particular, no assurance can be given as to the
future financial performance of Hart Stores. Undue reliance should not
be placed on these forward-looking statements, which are made only as
of the date of this press release. Hart Stores disclaims any intention
or obligation to update or revise any forward-looking statements in
order to account for any new information or any other event.
SOURCE HART STORES INC.
For further information:
Hart Stores Inc.
Tel: 514-731-0000, Ext. 222
RSM Richter Inc. (Monitor)
Benoit Gingues, CA
Partner, RSM Richter Inc. (514) 934-3514
Stéphane De Broux, CA
Vice President, RSM Richter Inc. (514) 934-8621