Seaway News...duh...this ceo is a Dumbass...not one word to the shareholders...and oh yes economys fault...closing stores...GREAT !
Hackett's Announces Closing of Watertown and Pulaski Stores
- Watertown to begin store liquidation sale April 9th -
OGDENSBURG, N.Y., April 7 /PRNewswire-FirstCall/ -- Seaway Valley Capital Corporation (OTC:SWYV) (BULLETIN BOARD: SWYV) , a diversified holding company, today announced that wholly owned subsidiary Hackett's Stores, Inc. has decided to immediately close its Pulaski store and eventually close its Watertown store after a projected eight week store liquidation sale that begins Thursday, April 9.
The decision was motivated primarily by Hackett's need to accelerate the repayment of its senior line of credit, but the decision was also influenced by the weaker economy and the desire to focus the company's operations on more strategic locations. Hackett's Pulaski store is in its smallest market, yet the store is its largest at approximately 60,000 square feet. In Watertown, where competition is most prevalent, the store is approximately 56,000 square feet.
Thomas Scozzafava, CEO of Hackett's, stated, "While we never like closing stores, the reality of today's market is that a company must be highly focused on answering the simple questions of what goods or services a particular market is in need of, can your company deliver those goods or services, and is the venue offered to the company appropriate to execute that? When we answered these three basic questions it wasn't clear these locations made sense for the company."
Mr. Scozzafava continued, "Looking at the situation in a more positive light, closing the stores will allow us to allocate more time and capital to Hackett's remaining operations as well as possibly new stores in more strategic locations." Mr. Scozzafava added, "Hackett's will still work to open new stores - with a particular focus on Lake Placid and Queensbury, but we absolutely must deal with the situation in front of us first."
About Patrick Hackett Hardware Company
Hackett's (http://www.hackettsonline.com/), one of the nation's oldest retailers with roots dating back to 1830, is a full line department store specializing in name brand merchandise and full service hardware. Hackett's, now with nine 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, tools, plumbing, paint and electrical departments. Hackett's also owns and operates four RadioShack stores and at certain stores leases space to Payless ShoeSource.
About Seaway Valley Capital Corporation:
Seaway Valley Capital Corporation (http://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 includes Hackett's Stores, Inc. (Pink Sheets: HCKE), Alteri Bakery, Inc., Sackets Harbor Brewing Company, North Country Farms, LLC, and Seaway Restaurant Group.
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. The Company encourages the public to read the above information in conjunction with its year-end statement, Form 10-KSB for December 31, 2007, and the second and third Quarter Form 10-Q financial statements. The financial statements can be viewed with the Securities and Exchange Commission, at http://www.sec.gov/.
For more information, please contact: Investor Relations: Seaway Valley Capital Corporation Paul Knopick Email: E & E Communications Web: http://www.seawayvalleycapitalcorp.com/ Phone: 949/707-5365
DATASOURCE: Seaway Valley Capital Corporation
CONTACT: Seaway Valley Capital Corporation, ;
or Investor Relations, Paul Knopick of E & E Communications, +1-949-707-5365,
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