SYMBOL: HIS (TSXV)
LAVAL, QC, Feb. 29, 2012 /CNW Telbec/ - Hart Stores Inc. (TSXV: HIS) is
pleased to announce that it has entered into a previously-announced
fully-committed revolving credit facility in an aggregate principal
amount of $25 million, made available by CIBC Asset-Based Lending,
acting as agent and lender. The new asset-based revolving credit
facility replaces Hart Stores' previous credit facility with Wells
Fargo Capital Finance Corporation Canada, and will fund Hart Stores'
Under the revolving credit facility, Hart Stores has access to various
direct cash advances, limited to a variable percentage of Hart Stores'
borrowing base less certain specified reserves.
As security for the revolving credit facility, Hart Stores has granted
CIBC Asset-Based Lending a first-ranking security interest on all of
Hart Stores' movable (personal) property, subject to permitted liens.
The revolving credit facility matures on March 3, 2014.
About Hart Stores Inc.:
Hart Stores Inc. operates a network of 60 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.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE HART STORES INC.
For further information:
Hart Stores Inc.
Mr. Robert Harritt
Vice-President Finance and Chief Financial Officer
Hart Stores Inc.
(450) 661-4155, ext. 595