SYMBOL: HIS (TSX)
LAVAL, QC, Oct. 19, 2011 /CNW Telbec/ - Hart Stores Inc. (TSX: HIS)
announces that as part of its restructuring under the Companies' Creditors Arrangement Act (Canada), the Company will begin liquidation sales this Friday,
October 21, 2011.
The 32 stores subject to liquidation are comprised of Hart, Bargain
Giant and Géant des Aubaines stores, including 12 locations in Quebec,
11 in Newfoundland and Labrador, 5 in Ontario, 2 in New Brunswick and 2
in Nova Scotia. In addition to merchandise, the stores' furniture,
fixtures and equipment will also be offered for sale.
In connection with the inventory liquidation process, Hart Stores today
obtained an Order from the Québec Superior Court under the Companies' Creditors Arrangement Act (Canada) authorizing Hart Stores to enter into an agency agreement with
Tiger Capital Group LLC, under which Tiger Capital Group will conduct
the liquidation sales at the 32 stores.
RSM Richter Inc. has been appointed Monitor pursuant to the Initial
Order of the Quebec Superior Court. All inquiries regarding the CCAA
proceedings should be directed to the Monitor. Further information
about the Hart Stores Inc. restructuring can be found on the Monitor's
website at http://www.rsmrichter.com/restructuring/Hart.aspx.
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 and CFO
450-661-4155, ext 595
RSM Richter Inc. (Monitor)
Benoit Gingues, CA
Partner, RSM Richter Inc. (514) 934-3514
Stéphane De Broux, CA
Vice President, RSM Richter Inc. (514) 934-8621