Hart Stores Announces Extension of CCAA Order and DIP Financing and Conditional Listing on TSX Venture Exchange

  • CCAA order extended to January 18, 2012
  • Trading on TSX Venture Exchange expected to commence on November 22, 2011

SYMBOL: HIS (TSX)
www.hartstores.com

LAVAL, QC, Nov. 4, 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 to January 18, 2012 the period during which all proceedings on the part of Hart Stores' creditors are stayed.  This is the second extension of the stay period initially granted by the Superior Court on August 30, 2011.

Today's Order also approves the agreement between Hart Stores and Wells Fargo Capital Finance Corporation Canada to extend to January 18, 2012 the maturity date of Hart Stores' DIP facility.

Hart Stores is also pleased to announce that the TSX Venture Exchange has conditionally accepted the listing of Hart Stores' common shares.  Hart Stores expects that its shares will commence trading on the TSX Venture Exchange on November 22, 2011 and that its shares will be formally delisted from the Toronto Stock Exchange at that time.  The trading symbol for Hart Stores will remain "HIS".  Listing on the TSX Venture Exchange and commencement of trading are subject to Hart Stores providing standard documentation to the Exchange.

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 seasonal goods.

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.
Robert Harritt
Vice-President Finance and Chief Financial Officer
Tel: 450 661-4155, Ext. 595

Organization Profile

HART STORES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890