CCAA order extended to January 18, 2012
Trading on TSX Venture Exchange expected to commence on November 22,
SYMBOL: HIS (TSX)
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
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.
Vice-President Finance and Chief Financial Officer
Tel: 450 661-4155, Ext. 595