CHERRY HILL, N.J. -- March 27, 1996 -- The Score
Board, Inc. (NASDAQ NMS: BSBL) today reported operating results for
the fiscal 1996 fourth quarter and year ended January 31, 1996. The
Company also reported that it has adjusted its previously announced
estimates of fiscal 1996 fourth quarter and year-end results as the
result of an additional, non-recurring special charge reviewed
below, aggregating $3,715,000. Total non-recurring special charges
taken by the Company in the fourth quarter were $5,675,000, or
($0.49) per share, including a previously announced restructuring
charge of $1,960,000.
The additional non-recurring special charge primarily relates to
the write-down of certain assets relating to license agreements and
the Company's current assessment of estimated legal costs to be
incurred in connection with ongoing litigation, primarily with Upper
Deck Authenticated. In connection with the completion of its year-
end financial statements, the Company performed a thorough review of
its license agreements in relation to its revised product line focus
for fiscal 1997 and beyond. Based upon an anticipated reduction in
the breadth of its product offerings, the Company determined that
certain rights previously acquired under license agreements would
not be fully utilized over the next few years and, accordingly,
deemed it appropriate to write down certain assets relating to its
license agreements.
After giving effect to the non-recurring special charges, the
Company reported net sales for the fourth quarter ended January 31,
1996 of $18,945,000 and a net loss of $8,960,000, or ($0.76) per
share, or a net loss of $3,296,000, or ($0.28) per share excluding
one-time special charges. In the prior year's fourth quarter, the
Company had net sales of $19,137,000 and a net loss of $4,995,000,
or ($0.44) per share, or a net loss of $3,285,000, or ($0.28) per
share, excluding one-time special charges. Per share results in the
fiscal 1996 and 1995 fourth quarter periods are based on a weighted
average of 11,811,000 and 11,250,000 shares outstanding,
respectively.
Net sales for the year ended January 31, 1996 were $74,953,000
compared to $72,799,000 in fiscal 1995. The fiscal 1996 net loss
was $8,204,000, or ($0.71) per share, compared to a net loss of
$33,816,000, or ($3.01) per share, recorded in the year ended
January 31, 1995. Excluding the non-recurring special charges and
securities litigation settlement during fiscal 1996, Score Board
would have recorded a net loss of $354,000, or ($0.03) per share,
compared to a net loss, excluding special and restructuring charges,
of $14,748,000, or ($1.31) per share, in fiscal 1995. Prior to all
non-recurring charges, in 1996 the Company would have earned
approximately $1.6 million in operating income compared to an
operating loss of $15.2 million in the prior year. Per share
results in fiscal 1996 and 1995 are based on a weighted average of
11,558,000 and 11,243,000 shares outstanding, respectively.
Ken Goldin, Chairman and Chief Executive Officer, stated, "The
additional special charges announced today highlight our ongoing
commitment to strengthen the balance sheet and position our Company
for future profitability. The charges reflect the streamlining of
our product focus, and despite their one-time, non-cash impact on
fiscal 1996 results, I trust our investors will understand the logic
and benefits of the action."
The Score Board, Inc. is a leading marketer and licensor of
sports and entertainment-related products sold through national
retailers and catalogs, television shopping programs,
hobby/specialty shops, and corporate promotions and premium
programs. The Company markets autographed collectibles, prepaid
telephone calling cards, consumer sports products, NFL trading
cards, Classic(R) sports draft pick trading card sets, and other
collectible products.
THE SCORE BOARD, INC.
Condensed Consolidated Balance Sheets
(thousands of dollars)
ASSETS
Current Assets: 1/31/96 1/31/95
Cash $ 142 $ 101
Receivables 14,894 13,914
Inventories 16,449 17,251
Prepaids 4,972 17,025
Total current assets 36,457 48,291
Fixed assets, net 1,616 2,992
Other assets 2,044 2,404
$40,117 $53,687
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities: 1/31/96 1/31/95
Bank indebtedness $ -0- $14,096
Accounts payable 9,122 11,461
Accrued liabilities 4,401 5,488
Total current liabilities 13,523 31,045
Long-term debt 20,402 10,737
Shareholders' equity 6,192 11,905
$40,117 $53,687
THE SCORE BOARD, INC.
Condensed Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Year Ended
January 31, January 31,
1996 1995 1996 1995
Net Sales $ 18,945 $ 19,137 $ 74,953 $ 72,799
Cost of Goods Sold 13,470 13,462 45,211 57,885
Gross Profit 5,475 5,675 29,742 14,914
Selling, General and
Administrative Expenses 8,221 8,456 28,126 30,082
Special Charges and
Restructuring 5,675 1,850 5,675 23,800
Net proceeds from Officer's
Life Insurance -0- -0- -0- (1,100)
(Loss) from Operations (8,421) (4,631) (4,059) (37,868)
Cost of Securities Litigation
Settlement -0- -0- 2,175 -0-
Net Interest Expense 539 633 1,970 2,388
(Loss) Before Income Taxes (8,960) (5,264) (8,204) (40,256)
Income Taxes (Benefit) -0- (269) -0- (6,440)
Net (Loss) $(8,960) $ (4,995) $(8,204) $(33,816)
Net (Loss) per
Common Share - Primary $ (0.76) $ (0.44) $ (0.71) $ (3.01)
Average Number of Shares
Outstanding - Primary 11,811,000 11,250,000 11,558,000
11,243,000
CONTACT: Michael A. Hoppman
Chief Financial Officer
609/354-9000
or
David C. Collins, Joseph N. Jaffoni
Jaffoni & Collins Incorporated
212/505-3015
CUPERTINO, Calif., March 27, 1996 - Following his first
seven weeks as chairman and chief executive officer of Apple
Computer, Inc. (Nasdaq: AAPL), Dr. Gilbert F. Amelio issued a
statement today discussing his assessments of the Company's business
situation and financial outlook for the second fiscal quarter which
ends March 29, 1996.
"After my first couple of months on the job, I feel that it's
time for me to provide an update on Apple," said Dr. Amelio. "As
has been widely noted, the market for personal computers is
unsettled.
"We find ourselves facing three major challenges. First, we
anticipate that revenues and unit shipments will be substantially
below the levels of last year's second quarter. Secondly, the
slowdown in sales relative to our initial forecasts will contribute
to sizable charges related to inventory valuation adjustments.
Finally, as we've mentioned before, we will incur significant
restructuring charges in order to realign the company for the
future.
"These factors will contribute to an anticipated second fiscal
quarter net after-tax loss of around $700 million, more than half of
which will be related to inventory write-downs and about a quarter
of which will be related to restructuring charges. The inventory
write- downs and restructuring charges are critical first steps in
orchestrating the comeback of the Company.
"I'm confident at this point that I know what the problems are
and that they are fixable. The strategic and operating plans we are
currently developing will enable us to build upon Apple's
fundamental strengths and competitive position, reinforce our
customer appeal, and realize the company's long-term earnings
potential. We plan to aggressively address these issues and take
the necessary corrective actions. We will begin to articulate our
plans by early May.
"I'd also like to add that I'm greatly encouraged by the
expressions of support I've received over the past two months from
thousands of Apple customers, business partners, developers, and
employees around the world who share our commitment to successfully
meeting our current challenges and achieving a great future."
The statements herein concerning second quarter results are
preliminary and are based on partial information and management
assumptions. Apple will be prepared to discuss details of its
actual financial results when it issues its second quarter earnings
during the third week of April.
Except for the historical information contained herein, the
matters discussed in this news release are forward-looking
statements that involve risks and uncertainties. Potential risks
and uncertainties include without limitation the effect of adverse
publicity (including this announcement) on demand for the company's
products; the effect of continued losses on the Company's liquidity;
continued competitive pressures in the marketplace; the effect on
inventory valuations of decreased demand and lowered prices; and the
effect of any business restructuring actions. Further information
on potential factors that could affect the company's financial
results can be found in the company's Form 10-Q for its 1996 first
quarter, filed with the SEC.
Apple Computer, Inc., a recognized innovator in the information
industry and leader in multimedia technologies, creates powerful
solutions based on easy-to-use personal computers, servers,
peripherals, software, online services, and personal digital
assistants. Headquartered in Cupertino, California, Apple (Nasdaq:
AAPL) develops, manufactures, licenses and markets solutions,
products, technologies and services for business, education,
consumer, entertainment, scientific and engineering and government
customers in over 140 countries.
Apple and the Apple logo are registered trademarks of Apple
Computer, Inc., in the USA and other countries.
CONTACT: Press Contacts: Nancy Paxton, 408-974-5420 or
paxton1applelink.apple.com, or Lynne Keast, 408-974-5431 or
keast.lapplelink.apple.com, or Gabi Schindler, 408-974-6941 or
schindler.gapplelink.apple.com, or Investor Relations Contacts:
Debbie VanOlst-Robinson, 408-862-5590 or devoapplelink.apple.com, or
Bill Slakey, 408-974-3488 or slakey1applelink.apple.com, all of
Apple
ATLANTA, March 27, 1996 - Morrison Fresh Cooking, Inc.
(NYSE: MFC), a recent spin-off Company of Morrison Restaurants Inc.,
today reported net sales and earnings for the third quarter of
fiscal 1996.
As previously reported on March 7, 1996, the stockholders of
Morrison Restaurants Inc. approved the spin-off of Morrison Fresh
Cooking, Inc. into a separate, publicly-held corporation. Trading
in the stock of the Company commenced on the New York Stock Exchange
on Monday, March 11, 1996. The Morrison Fresh Cooking, Inc. stock
is trading under the symbol "MFC."
For the third quarter of fiscal 1996, net sales for Morrison
Fresh Cooking, Inc. were $65,260,000, a decrease of 11 percent from
the same quarter of the prior year. The Company recorded a net loss
of $13,122,000 for the quarter, which included one-time charges of
$22,079,000, compared to net income of $2,598,000 for the same
quarter of last fiscal year. The one-time charges were associated
with losses on the impairment of assets and restructuring costs.
Ronnie Tatum, CEO of Morrison Fresh Cooking, Inc., said, "It's
been a difficult transition year! The marketplace has grown
increasingly competitive. This increased competition has been
further compounded by soft retail sales and a particularly bad
winter, all contributing to our sales and earnings decline for the
third quarter."
Mr. Tatum also said, "The fourth quarter will see the
implementation of a number of new programs which are designed to
improve our operating efficiencies and our customer's overall dining
experience. Our new Company has a very talented and focused Board
of Directors and management team at all levels. I'm confident about
our future!"
At its scheduled meeting today, the Board of Directors declared
a regular cash dividend of $0.09 per share, payable on April 30,
1996 to shareholders of record on April 12, 1996.
As of March 2, 1996, Morrison Fresh Cooking, Inc. consisted of
147 family dining restaurants and 11 quick-service restaurants in 13
states. One small cafeteria was opened during the third quarter of
fiscal 1996.
MORRISON FRESH COOKING, INC.
Financial Results for the Third Quarter
of Fiscal 1996 (unaudited)
(000's)
For the 13 wks. Ended
3/2/96 3/4/95
Net sales $ 65,260 $ 73,485
Costs and Expenses:
Cost of merchandise 18,386 19,690
Payroll and related costs 25,624 25,232
Other operating costs 12,476 16,338
Selling, general and admin. 4,873 5,357
Depreciation and amortization 2,755 2,611
Total 64,114 69,228
Operating income before loss on impairment
of Assets and Restructure Costs 1,146 4,257
Loss on impairment of assets 13,789 0
Restructure costs 8,290 0
Operating income (loss) (20,933) 4,257
Interest expense (income), net 124 (65)
Income (loss) before income taxes (21,057) 4,322
Provision for (benefit from)
Income taxes (7,935) 1,724
Net income (loss) ($13,122) $2,598
For the 39 wks. Ended
3/2/96 3/4/95
Net sales $203,278 $222,646
Costs and Expenses:
Cost of merchandise 57,688 59,412
Payroll and related costs 77,521 79,349
Other operating costs 41,066 47,264
Selling, general and admin. 13,601 16,034
Depreciation and amortization 8,097 7,717
Total 197,973 209,776
Operating income before loss on impairment
of Assets and Restructure Costs 5,305 12,870
Loss on impairment of assets 13,789 0
Restructure costs 8,290 0
Operating income (loss) (16,774) 12,870
Interest expense (income), net 15 (253)
Income (loss) before income taxes (16,789) 13,123
Provision for (benefit from)
Income taxes (6,174) 5,348
Net income (loss) ($10,615) $7,775
MORRISON FRESH COOKING, INC.
Financial Results For the Third Quarter
of Fiscal 1996 (unaudited)
(000's)
Condensed Balance Sheets
3/2/96 3/4/95
Assets
Cash and short-term investments $ 1,831 $ 3,304
Accounts and notes receivable 1,638 1,083
Inventories 2,666 3,685
Other current assets 2,974 1,663
Current income tax benefits 5,990 3,504
Total current assets 15,099 13,239
Property and Equipment, Net 57,438 66,156
Deferred income tax benefits 2,192 1,909
Other assets 7,711 7,081
Total assets $82,440 $88,385
Liabilities
Current liabilities $28,148 $26,136
Long-term debt 784 870
Other deffered liabilities 14,650 16,632
Total liabilities 43,582 43,638
Stockholders' equity 38,858 44,747
Total liabilities and stockholders'
equity $ 82,440 $ 88,385
MORRISON FRESH COOKING, INC.
Fiscal 1996 Pro Forma Statements of Income (unaudited)
(000's)
For The Quarter Ended
9/2/95 12/2/95 3/2/96
Net Sales $ 70,129 $ 67,889 $ 65,260
Costs and Expenses:
Cost of merchandise 19,659 19,643 18,386
Payroll and related costs 25,722 26,353 25,695
Other operating costs 15,227 13,492 12,527
Selling, general and admin. 4,685 4,652 5,022
Depreciation and amortization 2,621 2,730 2,759
Total 67,914 66,870 64,389
Operating Income before loss
on impairment of assets and
restructure costs 2,215 1,019 871
Loss on impairment of assets 0 0 13,789
Restructure costs 0 0 8,290
Operating income (loss) 2,215 1,019 (21,208)
Interest expense (income), net (47) (62) 124
Income (loss) before income taxes 2,262 1,081 (21,332)
Provision for (benefit from)
income taxes 955 424 (8,024)
Net income (loss) $ 1,307 $ 657 ($13,308)
Net income (loss) per common
and equivalent share $ 0.15 $ 0.07 ($1.52)
Common and equivalent shares 8,887 8,820 8,760
For The 39 Weeks Ended
3/2/96
Net Sales $203,278
Costs and Expenses:
Cost of merchandise 57,688
Payroll and related costs 77,770
Other operating costs 41,246
Selling, general and admin. 14,359
Depreciation and amortization 8,110
Total 199,173
Operating Income before loss
on impairment of assets and
restructure costs 4,105
Loss on impairment of assets 13,789
Restructure costs 8,290
Operating income (loss) (17,974)
Interest expense (income), net 15
Income (loss) before income taxes (17,989)
Provision for (benefit from)
income taxes (6,645)
Net income (loss) ($11,344)
Net income (loss) per common
and equivalent share ($1.29)
Common and equivalent shares 8,823
Common and equivalent shares are based on the number of shares
of Morrison Restaurants Inc. Common Stock outstanding as of the
effective date of the spin-off, adjusted using the 1 for 4
distribution ratio.
These unaudited pro forma statements of income were prepared to
reflect the increase in operating expenses and related tax benefit
which presumably would have been incurred had the Company been a
separate stand-alone entity for the dates indicated.
NORWALK, Conn. -- March 27, 1996 -- href="chap11.caldor.html">The Caldor
Corporation (NYSE:CLD) announced today that it has received
approval
from the bankruptcy court to implement the company's performance
retention program.
The retention program is designed to enable Caldor to stabilize
and motivate its employee base during the reorganization process.
It covers 536 Caldor employees at various levels of the organization
whom the company has identified as "key" to its operations.
The program provides for the payment of cash bonuses to those
key employees in two equal installments, on the effective date of a
Plan of Reorganization and six months thereafter. For covered
employees to participate in the program, the company is required to
successfully emerge from Chapter 11. In addition, for the 15 most
senior participants, full payment is also tied to growth in the
company's earnings, above predetermined targets.
Retention programs of this kind are typical in Chapter 11
situations to prevent the departure of employees necessary to the
company's successful operation and reorganization.
Caldor's performance retention program, as approved by the
court, has the full support of the company's Creditors Committee,
Bank Committee and Equity Committee.
Don R. Clarke, Chairman and Chief Executive Officer of Caldor
said, "The program will play a critical role in enabling Caldor to
retain its key executives, who are highly regarded within the retail
industry, through the reorganization process. It will replace
incentives that have been lost since the time of the filing,
particularly stock related incentives, and restore compensation
levels to where they were prior to the filing. This will put us in
a better position to prevent departures of associates who are
necessary to our successful emergence and future success."
The Caldor Corporation is the fourth largest discount department
store chain in the United States, with annual sales of approximately
$2.8 billion and approximately 24,000 associates. They currently
operate 166 stores in 10 east coast states. With a strong consumer
franchise in the high density/suburban markets, Caldor offers a
diverse merchandise selection, including both soft line and hard
line products.
CONTACT: Media:
Kekst and Company
Wendi Kopsick/Jim Fingeroth
212/593-2655
or
Investor Relations:
The Caldor Corporation
Dave Peterson
203/849-2334
NEW YORK, March 27, 1996 - The following was issued today
by Berlack, Israels & Liberman LLP:
Individuals and institutions who invested more than $230 million
in hedge funds managed by Askin Capital
Management, L.P. ("ACM"),
today jointly filed fraud, racketeering, and breach of fiduciary
duty claims in New York state court against ACM and several
prominent brokerage firms who allegedly conspired with ACM to
defraud Askin's investors. The suit, which seeks more than $700
million in compensatory and punitive damages, was filed against
Kidder Peabody & Co. Inc., Bear Stearns & Co., Inc., and Donaldson,
Lufkin & Jenrette Securities Corp., as well as ACM.
The suit alleges that the brokerage firms intentionally
conspired with ACM in order to support the larger market for
collateralized mortgage obligations (CMOs), in which the defendant
firms had combined sales of more than $125 billion in 1993 alone.
According to the suit, the defendant firms sold vast quantities of
mortgage-backed securities to ACM, which in turn made it possible to
sell more desirable securities to other investors, producing
millions of dollars in profits for the firms.
The suit alleges that, contrary to its representations to its
investors, ACM did not purchase high quality, low risk securities.
Instead, ACM primarily purchased risky securities for which there
was virtually no market. The defendant brokerage firms allegedly
encouraged these purchases by setting up special credit
arrangements, which violated their customary credit policies. The
firms also allegedly gave their traders commissions for selling
these securities that were up to 128 times greater than the traders
could have earned selling less risky securities.
In addition, the suit alleges that ACM intentionally inflated
its earnings and portfolio valuations to its current and prospective
investors, in order to increase its ability to purchase the high
risk securities. The suit specifically alleges that certain of the
defendant brokerage firms conspired with Askin by agreeing to
restate and increase their monthly portfolio valuations. At the
same time, the brokerage firms were assigning the same securities
lower values for other purposes.
The complaint refers to tape recordings of conversations between
broker employees. In these tapes, the securities sold by the
brokers to ACM are referred to as "nuclear waste" and "a complete
trick," and broker representatives state that the CMOs were
virtually impossible to value.
The Askin-managed funds have been under the supervision of a New
York federal bankruptcy court since April 1994, and a trustee has
been investigating the circumstances surrounding the collapse of the
funds. At the time of their collapse, the funds contained more than
$450 million in investments.
Counsel for the investors is Berlack, Israels & Liberman LLP of
New York.
CONTACT: Steve Greenbaum or Edward Weisfelner, 212-704-0100/
SAN FRANCISCO -- March 27, 1996 -- A plan to infuse
nearly $600 million into the California economy -- creating an
estimated 9,000 jobs in the construction sector and employing more
than 38,000 Californians in retail sector jobs -- will make
Federated Department Stores,
Inc. a major contributor to the state's
economic resurgence, the chairman of the company's Macy's West
division today told an audience of California business leaders
gathered in Bakersfield.
"In acquiring and operating Broadway's stores, we not only are
preparing to take full advantage of the rebound in California's
economy, but we expect to have a major impact on fueling the
resurgence," Michael Steinberg said in a keynote address to the 38th
annual Kern County Business Forecast Conference.
Steinberg noted that Federated's extensive commitment to growth
and investment in California began a year ago, when the owners of
troubled Broadway Stores, Inc. were looking for a way to salvage the
company. At the time, he said, no one but Federated stepped
forward.
"Broadway -- an old and once-respected department store company
-- was badly wounded and in danger of closing its doors," Steinberg
said. "It was losing money at a rate approaching a half-million
dollars a day. Most vendors had stopped shipping merchandise...and
thousands of jobs were in danger of being lost -- not to mention the
potential negative impact on Broadway's many suppliers on the West
Coast.
"Broadway had approached several of the largest department store
companies to solicit interest in buying the company, but while
everyone was interested in cherry-picking a few stores here and
there, no one but Federated was willing to seriously consider buying
the company as a whole," Steinberg said.
As a result, he said, Federated's acquisition of Broadway
Stores, Inc. saved thousands of jobs that otherwise likely would
have been lost. Also, as a result of the company's growth plans for
California, Federated is expected to employ an estimated 38,000
Californians in its Macy's West division, and in the five new
Bloomingdale's that are slated to open in California later this year
and early next.
In addition, Steinberg said, Federated plans to spend more than
$589 million on conversions and remodels of the former Broadway,
Emporium and Weinstock's stores, which "will create some 9,000
construction jobs in California, helping to bolster a segment of the
economy that has seen better days." And, he said, the purchase of
equipment and labor for those projects "will extend the ripple
effect of our investment into other sectors of the economy."
In addition to generating tens of millions of dollars in
corporate income, payroll, property and sales taxes for California,
the state's real estate sector also is a major beneficiary of
Federated's investment, Steinberg said.
"Through our rescue of Broadway from bankruptcy -- and, in all
probability, from extinction -- we effectively saved a number of
shopping malls in California that may have financially collapsed
without a viable anchor store in the slot held by Broadway,"
Steinberg told the gathering of business leaders. "This is
something that not many people realize, but believe me, the mall
developers know because, more than anyone outside of retailing, they
have seen the impact consolidation has had on our industry."
Steinberg cited three factors as being responsible for the wave
of retail failures and industry consolidation over the last decade:
the consumer's changing definition of value, the proliferation of
retail formats and an explosion in the amount of retail space.
"Value is the new prestige in our consumer society," Steinberg
said. "In the mid-1980's, prestige meant exclusive brands -- the
more expensive the better and more appealing. In 1996, prestige has
been redefined...The consumer's emblem of success is not necessarily
in the designer logo on a shirt or dress, but in telling her friends
how little she paid for something and what a great deal she got."
Coupled with the trend to more casual wardrobes for both work
and leisure, the result has been an erosion in consumer store and
brand loyalty, Steinberg said. In turn, this has led to a
proliferation of retail formats that now aggressively compete with
the traditional department store, including national chains and so-
called "category killers," specialty stores, discounters, catalog
retailers, strip centers and outlet malls.
"Put this laundry list of competing retail formats together, and
you begin to understand the third major factor affecting department
stores -- the explosion of retail space," Steinberg said, noting
that the number of shopping centers in the U.S. more than tripled
-- from 10,000 in 1970 to 37,000 in 1990. "New retail space still
continues to be built at the rate of 100 million square feet each
and every year. Trouble is, America's population and spending power
is growing at a much more modest rate -- single digits at best.
"Supply and demand clearly are out of synch," Steinberg told the
business group. "There simply are too many retailers searching for
too few consumers -- and you need look no farther than Broadway to
see the impact."
Steinberg, who has been chairman of the $3.5 billion San
Francisco-based Macy's West operation since 1993, credited the
survival of department stores to a renewed emphasis on reducing
costs and increasing efficiencies, which enable today's successful
department stores to compete effectively with discounters of all
varieties. Still, Steinberg cautioned, there is more to the success
formula than just reducing expenses.
"Cost efficiency and great merchandising are two sides of an
equation that must remain in balance if we are to succeed.
Experience has shown that when the balance tips too far in either
direction, department stores lose the ability to attract customers
and make a profit," Steinberg said.
"Clearly, there are significant long-term rewards in Federated's
acquisition of Broadway," Steinberg concluded. "So while these
consolidations are resulting in the loss of some store names well-
known to Californians, the enormous savings such consolidations
produce internally, in back-of- the-house areas of the business
invisible to customers, will help to deliver greater value to
customers -- and that is what the marketplace really wants."
Macy's West operates more than 100 stores throughout California
and five other western states under the nameplates of Macy's and
Bullock's, as well as the nameplates of Broadway, Emporium and
Weinstock's on an interim basis. A total of 49 former Broadway
Stores, Inc. locations are being converted to Macy's by mid-year,
as are the 19 Bullock's locations in southern California.
Federated, with corporate offices in Cincinnati and New York, is
one of the nation's leading department store retailers, with annual
sales of more than $15 billion. Federated currently operates more
than 400 department stores and 150 specialty stores in 36 states.
CONTACT: Macy's West;
Betty Krogh, 415/393-3268;
or
Merle Goldstone, 415/393-3455