Monday June 25, 9:40 am Eastern Time
Press Release
House2Home Announces Grand Opening of Seven Additional California Locations
New Retail Concept Opens in Greater Fresno and San Diego
IRVINE, Calif.--(BUSINESS WIRE)--June 25, 2001--HomeBase, Inc. (NYSE:HBI - news) today announced the grand opening of an additional seven new House2Home(TM) home decorating superstores in the Fresno and San Diego, California markets over the June 23rd weekend.
The openings reflect the introduction of the company's new retail concept and are part of a planned phase out and conversion of its HomeBase-branded home improvement warehouses. Marking the third phase in House2Home's rollout of 37 additional stores, the seven store grand openings represent nearly 750,000 square feet of retail space.
The seven stores opened this weekend brings to 29 the total number of House2Home stores opened thus far. Although the seven stores which just opened and the next group of stores to open in July are both grand opening one to two weeks later than originally planned, the Company said it still expects to complete on time and on budget its conversion program by the end of July. In total, after the program is complete, the Company will have opened 42 House2Home stores in California, Arizona and Nevada.
``Although the grand openings in Fresno and San Diego received an enthusiastic reception from customers, weekend sales volumes at the three stores in central California were slightly below expectations, while the San Diego stores met our expectations,'' said Herbert Zarkin, chairman, president and chief executive officer. ``So far, we are on track to complete the conversion and grand opening of all House2Home stores before the end of July, and wish to pay tribute to the support and dedication of the many House2Home team members who are making this all possible.''
About House2Home
With each store spanning more than 100,000 square feet of retail space incorporating everything to beautify, accessorize and personalize the inside and outside of a home, House2Home is poised to be the home decorating destination for California, Arizona and Nevada shoppers. The Incredible Home Decorating Superstore(TM) incorporates a unique mix of four specialty businesses under one roof:
Outdoor living: House2Home makes outdoor living outstanding with more than 30 sets of patio furniture, a variety of barbeques, a wide array of nursery and garden items, outdoor lighting, fountains and other decor;
Indoor living: Offering custom-order flooring, wall-to-wall carpeting, one-of-a-kind area rugs, 7,100 square feet of lighting, window coverings and home furniture including a children's home furnishings department, each House2Home store has everything for an in-style home;
Home decor and accessories: House2Home can dress-up any interior from floor to ceiling with bedding and bath, storage solutions, candles, the largest silk floral department in the Western region and 6,500 square feet of tabletop/kitchenware items at each store;
Seasonal and party goods: Offering an array of specialty items for all seasons and occasions -- with customized balloon bouquets and party favors, as well as holiday merchandise -- House2Home creates stylish homes for holidays and special occasions.
HomeBase, Inc. is a retail company in the process of converting its HomeBase home improvement warehouses to home decorating superstores under the House2Home name. For more information about the company and its stores, visit the HomeBase web site at www.homebase.com or the House2Home web site at www.house2home.com (neither of which shall be deemed to be incorporated in or a part of this press release).
Certain matters discussed in this press release include forward-looking statements that involve risks and uncertainties that could cause results to differ materially from those expressed. Such risks and uncertainties include, but are not limited to, the company's ability to complete its House2Home conversion program within budgeted expenditure levels by the end of July 2001, a change in sales trends at House2Home stores, economic conditions in the company's markets, and other factors set forth in the company's annual report on Form 10-K for the fiscal year ended January 27, 2001 under the heading ``Risk Factors'' and in the company's other filings with the Securities and Exchange Commission. The company undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof.
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Contact:
HomeBase, Inc.
Investor Relations, 949/442-5448
or
PondelWilkinson MS&L
Roger S. Pondel or Julie MacMedan, 310/207-9300 |
