Hackett's Executes Agreement for Lake Placid Store
41,000 square foot former Tops Market would represent Company's eleventh location
Last update: 8:00 a.m. EDT Sept. 26, 2008
OGDENSBURG, N.Y., Sep 26, 2008 (BUSINESS WIRE) -- Seaway Valley Capital Corporation (SWYVSWYV
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SWYV) today announced that its wholly owned subsidiary, Hackett's ( www.hackettsonline.com), has executed an agreement to open its eleventh location in Lake Placid, NY. The lease agreement, which would span through February 2016, is for the 41,000 square foot premises on Saranac Avenue that was last occupied by Tops Markets. The opening of the new Hackett's store, which is subject to certain approvals, is targeted for the Spring of 2009 and would feature a large selection of clothing, footwear, gifts and other merchandise.
Norm Garrelts, President of Hackett's, stated, "We are pleased to have signed this agreement and are excited about the prospects of a Lake Placid store. With its millions of annual visitors and the seasonal and local residents of Lake Placid and nearby Saranac Lake, this newest Hackett's has the potential to reach a whole new customer base."
In 2008 Hackett's opened stores in Canton, Gouverneur and Sackets Harbor, NY.
About Seaway Valley Capital Corporation
Seaway Valley Capital Corporation ( www.seawayvalleycapitalcorp.com) makes equity, equity-related, and debt investments in companies that require expansion capital. Seaway also seeks investments in leveraged buyouts and restructurings. Seaway will consider investment opportunities in a number of different industries, including retail, restaurants, consumer products, media, business services, manufacturing, and select technologies. Seaway Valley's current portfolio consists of the following platform companies:
About Patrick Hackett Hardware Company
Patrick Hackett Hardware Company ("Hackett's") is one of the nation's oldest retailers with roots dating back to 1830. Hackett's is a full line department store specializing in premium name brand merchandise and full service hardware. Hackett's, now with ten locations, features brand name clothing for men, women, and children, and a large selection of brand name athletic, casual, and work footwear. Hackett's also carries domestics, home decor, gifts, seasonal merchandise and sporting goods. Hackett's full service True Value hardware department features traditional hardware, tool, plumbing, paint and electrical departments. Hackett's also owns and operates RadioShack stores and at certain stores leases space to Payless ShoeSource.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: Seaway Valley Capital Corporation
Seaway Valley Capital Corporation
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