FOR IMMEDIATE RELEASE CONTACT: Leah Karliner (for Levitz)
Bratskeir & Company
212/679-2233
LEVITZ FURNITURE CONSIDERING ALTERNATIVES
TO EMERGE FROM CHAPTER 11 BANKRUPTCY
BOCA RATON, FL, June 28, 2000--Levitz Furniture Corporation, which had
entered into a shared services and management agreement with Seaman
Furniture Company, will explore other options including a stand-alone plan
of reorganization, as it works to emerge from Chapter 11 Bankruptcy.
Minority shareholders of Seaman have been granted a preliminary injunction
prohibiting Seaman from implementing the shared services and management
agreement strategy.
Levitz' largest creditor, Resurgence Asset Management, L.L.C., said it would
support a new Levitz stand-alone plan.
Levitz Furniture Corporation currently operates 64 stores in 13 states on
the East Coast, West Coast, and in the Midwest. To find the nearest store,
call toll free at 1-888-800-2000. Or for more information, visit the
company's web site at www.levitz.com.
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Disclaimer: This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying assumptions
and other statements which are other than statements of historical facts.
These statements are subject to uncertainties and risks, including, but not
limited to, product and service demand and acceptance, changes in
technology, economic conditions, the impact of competition and pricing,
government regulation, and other risks defined in this document and in
statements filed from time to time with the Securities and Exchange
Commission. All such forward-looking statements, whether written or oral,
and whether made by or on behalf of the company, are expressly qualified by
the cautionary statements and other cautionary statements which may
accompany the forward-looking statements. In addition, the companies
disclaim any obligation to update and forward-looking statements to reflect
events or circumstances after the date hereof.
