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Strategies & Market Trends : LastShadow's Position Trading

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To: tom pope who wrote (8083)	2/9/1999 10:59:00 AM
From: Susan Saline	Read Replies (2) of 43080

Good news ... bad news ... any news moves it ... SME + 1/8 Tuesday February 9, 9:13 am Eastern Time Company Press Release Service Merchandise Announces Intention to Close Up to 134 Stores NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 9, 1999--Service Merchandise Company, Inc. (NYSE: SME - news) 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.

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