SME(svcdq) has it bottomed out yet? Or will it hit bottom? Message Board

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Non-Tech : SME(svcdq) has it bottomed out yet? Or will it hit bottom?

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To: christopher who wrote ()	2/9/1999 9:46:00 AM
From: leigh aulper	Read Replies (1) of 305

SERVICE MERCHANDISE ANNOUNCES INTENTION TO CLOSE UP TO 134 STORES NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 9, 1999--Service Merchandise Company, Inc. (NYSE: SME) today announced its intention to close up to 134 underperforming stores over the next three to four months. During that period, the Company plans to run inventory clearance sales at these locations. "This action is an important step in the Company's out-of-court restructuring," according to CEO Bettina M. Whyte. "These sales will serve to reduce bank debt and allow the Company to refocus its energies on its remaining 213 stores and on refining its niche in fine jewelry, gifts and home products," said Whyte. Over the next several months, SME intends to develop and implement a business plan intended to return the Company to financial health. In the course of this process, the Company will assess all of its operations and substantially reduce its cost structure. In an unrelated announcement, the Company also stated that Robert McDowell has resigned from its Board of Directors.

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