Factory Stores Of America, Inc. Announces New Financial Officer

Business Wire, Feb 6, 1995

SMITHFIELD, N.C.--(BUSINESS WIRE)--Feb. 6, 1995--Factory Stores of America, Inc. (NYSE:FAC) today announced John N. Nelli has joined the Company as Senior Vice President/Finance.

In this position, Nelli will be responsible for budgeting, regulatory and bank compliance, and investor relations. He will report to David A. Hodson, president and chief financial officer.

"John has a solid background as a financial officer and will be a valuable addition to the Factory Stores management team," said Hodson. "His prior positions include hands-on experience directly relevent to our business, including acquisitions, financial reporting and retail and wholesale distribution."

Prior to joining Factory Stores of America, Nelli was chief financial officer and secretary of Litchfield Theatres in South Carolina. He previously was interim president and director of Natter Manufacturing in West Jordan, Utah, where he originally joined the company as CFO. Nelli began his accounting career with an eight-year stint in the Raleigh, North Carolina, office of Touche Ross & Co. A Certified Public Accountant, Nelli is a graduate of Appalachian State University and holds a Masters of Accountancy from Virginia Polytechnical Institute.

Factory Stores of America, Inc. is a real estate investment trust and is the nation's largest owner and operator of factory outlet centers. The Company owns and operates 35 centers in 21 states, with approximately 4.1 million square feet of gross leasable area.

CONTACT: Factory Stores of America, Inc., Smithfield

David A. Hodson, 919/934-9446