A Pre-market press release from HCKI has sent the shares up from its prior close of $.0005 to a daily high of $.049.
The stock currently is trading at $.03, still an impressive one-day gain.
Hackett's Stores, Inc. Subsidiary Looking to Emerge From Chapter 11 Protection Soon
Retailer Continues to Bring on New Vendors --- Achieves Year Over Year Sales Growth for January
SACKETS HARBOR, N.Y., Jan 28, 2010 (GlobeNewswire via COMTEX) -- Hackett's Stores, Inc. (Pink Sheets:HCKI) is pleased to announce that subsidiary Patrick Hackett Hardware Company continues to stabilize, and recently has seen an increase in vendors and growth in sales and cash flows.
Herbert Becker, President of Patrick Hackett Hardware Company, stated, "We have made great progress over the past few months in regard to reestablishing ourselves and remerchandising our stores. During this period vendor confidence in our operations has increased dramatically, and we have seen the return of key vendors as Columbia, Lee Jeans, Woolrich and Adidas, among others. We also expanded our merchandise offerings through the addition vendors such as Hasbro, Panasonic, Samsung, and Point Zero."
Mr. Becker continued, "Of course, there's no cookie-cutter approach to a businesses emerging from Chapter 11, but over the past several months we have cut costs, realigned stores, improved our merchandising and marketing and added new vendors. We have strengthened our buying department and made changes to store-level management." Mr. Becker added, "These efforts seem to be paying off as Hackett's is enjoying the best January it has in three years in terms of sales. With these changes in place, we are now ready to focus on becoming a fiscally strong retail department store in upstate New York, which should hopefully position Patrick Hackett Hardware Company for emergence from Chapter 11."
Herbert Becker, President of Patrick Hackett Hardware Company, can be reached for questions or comments at hbecker@hackettsonline.com.
Patrick Hackett Hardware Company has a wide variety of merchandise and business lines, including a full service paint department, consumer electronics, equipment rental, brand name clothing, footwear, sporting goods and gourmet foods. Hackett's Stores, Inc. is majority owned by Seaway Valley Capital Corporation (Pink Sheets:SEVA).
Safe Harbor Statement
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Hackett's Stores, Inc.
By Staff
CONTACT: CONTACT: Hackett's Stores, Inc.
Herbert Becker
315-393-6101
hbecker@hackettsonline.com
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
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2 comments:
I hope some of you were lucky enough to get in...and get out...of that one.
Nice Run today but U should Change your vision to SEVA, the major owner of HCKI, which also run up to day but SEVA's pps just equal 3.4% of HCKI. So why not buy some SEVA while it still cheap.
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