GROS- Grossman's: A $.70 value play Message Board

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Microcap & Penny Stocks : GROS- Grossman's: A $.70 value play

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To: Andrew who wrote ()	12/5/1997 5:08:00 PM
From: RACm	Read Replies (1) of 174

Grossman's awaits approval of its reorganization plan next week Canton, Mass. - Dec. 5, 1997 - On Monday, Dec. 8, Grossman's will learn whether its reorganization plan will win approval. The final confirmation hearing for its reorganization plan will be held in U.S. Bankruptcy Court in Wilmington, Del. The plan, which calls for joint ownership by millwork supplier Jeld-Wen and a group of Grossman's largest unsecured creditors, would have the 44-unit retailer emerge as a privately-held firm. Dirck Iacobelli, Grossman's current executive vp and CFO, said the court1s approval was not a foregone conclusion. He refused to comment on any operational or management changes that would take place if the plan were approved. Iacobelli did say, however, that some type of executive reorganization would likely be required. Grossman's still operates 15 Contractors1 Warehouse units in California and the Midwest and 29 Mr. 2nd's Bargain outlets.

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