HCKI 0078.Feb2nd pr states 30-45 days!"Re-Emergence Plan to Court in 30 - 45 Days"
Hackett's Stores, Inc. Subsidiary Files All Current Reports Required Under Chapter 11
Subsidiary Expects to Present a Re-Emergence Plan to Court in 30 - 45 Days
SACKETS HARBOR, N.Y., Feb 2, 2010 (GlobeNewswire via COMTEX) -- Hackett's Stores, Inc. (Pink Sheets:HCKI) announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company, has filed all the required schedules in its Chapter 11 case.
Herbert Becker, President of Patrick Hackett Hardware Company, stated, "While most of the required schedules were filed last week, we did complete the filings this week. Unfortunately we have had a key member of management dealing with some health issues, and that put us back a bit. However, we're on course now to comply with any and all court requests on a timely basis going forward." Mr. Becker continued, "Additionally, we are already working on and feel that in 30 to 45 days we can present the court with a plan for Patrick Hackett Hardware Company to emerge from Chapter 11. We are encouraged by the feedback from our key creditors regarding their desire to help put Patrick Hackett Hardware Company on the road to recovery."
Thomas Scozzafava, President of Hackett's Stores, Inc. stated, "Additionally, there seems to be confusion in the marketplace between the parent company, Hackett's Stores, Inc., and its subsidiary, Patrick Hackett Hardware Company. Hackett's Stores, Inc., whose shares trade currently on the Pink Sheets, is not nor has ever been in bankruptcy or bankruptcy protection." Mr. Scozzafava continued, "Furthermore, nothing prevents Hackett's Stores, Inc. from investing in or forming other new retail ventures. Having said that, the vast majority of senior management's time and effort is focused on the successful emergence of Patrick Hackett Hardware Company from Chapter 11."
Hackett's Stores, Inc. is the parent company of Patrick Hackett Hardware Company and HIIO, Inc. Patrick Hackett Hardware Company has a wide variety of merchandise and business lines, including a full service hardware, consumer electronics, equipment rental, brand name clothing, footwear, sporting goods and gourmet foods. HIIO, Inc. represents a concept platform for a new specialty retailer focused on fashion clothing and outerwear, footwear and selected gift items. There are currently no HIIO-branded stores opened to date.
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