Hart Stores appoints Tiger Capital to liquidate inventory of select stores as Part of its Restructuring Plan

SYMBOL: HIS (TSX)
www.hartstores.com

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 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.

SOURCE HART STORES INC.

For further information:

Hart Stores Inc.

Robert Harritt

Vice-President and CFO

450-661-4155, ext 595

RSM Richter Inc. (Monitor)

Benoit Gingues, CA
Partner, RSM Richter Inc. (514) 934-3514
bgingues@rsmrichter.com

Stéphane De Broux, CA
Vice President, RSM Richter Inc. (514) 934-8621
sdebroux@rsmrichter.com

Organization Profile

HART STORES INC.

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