Hart Stores to acquire nine former SAAN store locations


    LAVAL, QC, Aug. 11 /CNW Telbec/ - Hart Stores Inc., an operator of
mid-sized department stores (HIS: TSX), announces that it has entered into an
Asset Purchase Agreement with PricewaterhouseCoopers Inc., as court-appointed
interim receiver and receiver (collectively, the "Receiver") of the assets of
SAAN Stores Ltd. ("SAAN"), to acquire only the leases and equipment relating
to nine SAAN retail stores, (the "Assets") of which eight are in Québec and
one in Ontario. Hart Stores will not acquire the business or any of the
merchandise of the nine stores.
    The acquisition is subject to the Receiver obtaining an order from the
Ontario Superior Court of Justice, (Commercial List), (the "Court") approving
the sale of the Assets to Hart Stores and other conditions usual for a
transaction of this nature. It is expected that the closing of the transaction
will occur on or about August 15, 2008 provided that Court approval has been
    In commenting on the Asset Purchase Agreement Mr. Michael Hart, President
and Chief Executive Officer of Hart Stores said: "The nine stores are located
in areas where we can leverage our operations, advertising and logistics. The
stores are averaging 25,000 square feet and provide extended coverage in areas
where the Company already understands the customers' needs."

    About Hart Stores Inc.:

    Hart Stores Inc. operates a network of over 80 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.
    %SEDAR: 00004123EF

For further information:

For further information: Mr. Michael Hart, President and Chief Executive
Officer, Hart Stores Inc., (450) 661-4155, mihart@hartstores.com

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