SYMBOL: HIS (TSXV)
LAVAL, QC, Jan. 13, 2015 /CNW Telbec/ - Hart Stores Inc. (TSXV: HIS) announces that Mr. Robert Farah, its President and Chief Operating Officer, has resigned from the Company effective immediately. Mr. Farah has served as President and Chief Operation Officer since 2011. The Company would like to thank Mr. Farah for his significant contribution to the Company. Mr. Farah will be available on a consulting basis.
Pending the previously-announced proposed sale of the Company to 9102221 Canada Inc., a newly-incorporated corporation owned by a third party at arm's-length from Hart Stores, Mr. Harry Hart will continue as Executive Chairman and Chief Executive Officer of Hart Stores.
About Hart Stores Inc.:
Hart Stores Inc. operates a network of 61 mid-sized department stores located in secondary and tertiary markets in 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 news release may constitute "forward-looking statements" within the meaning of the Canadian securities legislation and regulations. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors that may affect our ability to implement our strategies and plans, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. You should not place undue reliance on these forward-looking statements, which are made only as of the date of this press release. In particular, the timing and completion of the proposed Amalgamation are subject to certain conditions, termination rights and other risks and uncertainties. Accordingly, there can be no assurance that the proposed Amalgamation will occur, or that it will occur on the timetable or on the terms and conditions contemplated. We refer you to the Company's filing with the Canadian securities regulatory authorities for a discussion of other factors and risks that may affect the Company's future results.
Neither the 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 the release.
SOURCE Hart Stores Inc.
For further information: Mr. Franco Messina, VP Finance and CFO, (450) 661-4155