SYMBOL: HIS (TSX)
LAVAL, QC, Aug. 19 /CNW Telbec/ - Hart Stores Inc., an operator of
mid-sized department stores (HIS: TSX), announces that it has completed the
Asset Purchase Agreement entered into with PricewaterhouseCoopers Inc., as
court-appointed interim receiver and receiver of the assets of SAAN
Stores Ltd. ("SAAN"), consisting of the leases and equipment relating to eight
SAAN retail stores, of which seven are in Québec and one in Ontario.
The eight locations are scheduled to open in fall of this year which will
bring the total number of stores in operation to 89.
About Hart Stores Inc.:
Hart Stores Inc. operates a network of 89 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, electronics, appliances, giftware, toys, and seasonal goods.
Certain statements included in this press release may constitute
"forward-looking statements" with risks and uncertainties which could cause
actual results to differ materially. We refer you to the Company's filings
with the Canadian securities regulatory authorities for a discussion of the
various factors that may affect the Company's future results.
For further information:
For further information: Mr. Jacques Plante, CA, Vice-President Finance
and Chief Financial Officer, Hart Stores Inc., (450) 661-4155,