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Microcap & Penny Stocks : Ames Department Stores (AMES) -- Ignore unavailable to you. Want to Upgrade?

To: Arthur Tang who wrote (1885)	8/16/2001 1:43:22 PM
From: Art Baeckel	Read Replies (1) \| Respond to of 1911

Ames to Close Another 47 Stores ROCKY HILL, Conn., Aug 16, 2001 (AP Online via COMTEX) -- Ames Department Stores Inc., seeing little light at the end of the economic tunnel, said Thursday it would close another 47 stores in 10 states by the end of October. About 2,000 employees will be affected, the company said. "We've continued to see a softening economy in the last several months and don't anticipate much improvement in the short term," Ames Chairman Joseph Ettore said in a news release. "In this tough economic climate, we feel that it is in the company's best interest to put our efforts into our viable core business which represents just over 400 store locations," he said. The bulk of the closings are in Ohio (15) and Pennsylvania (12). Where possible, affected workers will be offered jobs in other Ames stores, Ames said. In May, Ames reported a first-quarter net loss of $27.7 million, or 94 cents per share, compared with a loss of $29.1 million, or 99 cents per share, in the same quarter last year. Ames, which reports its second-quarter results Aug. 23, said sales for the first quarter were off 4.5 percent from the year-ago period. Earlier this month, Ames said its July sales were down nearly 9 percent from the same period last year. In November, Ames announced it was closing 32 stores, including 31 of the stores it acquired from Hills Stores Co. in December 1998. In afternoon trading on the Nasdaq Stock Market, Ames shares fell 8 cents to 70 cents, down about 10.5 percent. Copyright 2001 Associated Press, All rights reserved APO Priority=r APO Category=1310 KEYWORD: ROCKY HILL, Conn. SUBJECT CODE: 1310 ART