Store Closing Sales Commence At 27 Levitz Furniture Stores

Business Wire, Feb 1, 1999

CHICAGO--(BUSINESS WIRE)--Feb.1, 1999--In one of the largest furniture liquidations in the United States a joint venture composed of Hilco/Great American Group, Gene Rosenberg Associates and The Nassi Group has provided the highest bid for the 27 stores that Levitz is closing.

The three companies were appointed recently by the US Bankruptcy Court in Delaware as the agent to dispose of $70 million of inventory. Levitz will be guaranteed a minimum return of 80.5 percent of the cost value of the inventory in the closing stores. Going out of business sales in the 27 stores (see attached list for locations) will commence tomorrow under Hilco, Rosenberg and Nassi's direction.

"We are extremely pleased to have been selected by Levitz," said Harvey M. Yellen, Executive Vice President of Hilco/Great American, "our group comprises the foremost specialists in retail liquidation and furniture liquidation in particular. This combination of firms has afforded a very high recovery to Levitz and will also provide the retail consumer excellent deals."

"Hilco has assisted us before and performed well," said Ed Grund, Chief Executive Officer of Levitz Furniture Corporation. "these store closings will assist Levitz as we finalize our reorganization plans."

Hilco/Great American Group is an international retail advisor, strategic liquidation and financial firm, with offices in Chicago, Boston, Toronto and Los Angeles.

Gene Rosenberg Associates is a leading liquidation firm specializing in the furniture industry.

The Nassi Group is a leading liquidation firm established in and based in Los Angeles.

Levitz Furniture Store Closings

1411 Airway Boulevard, El Paso, TX

2901 E. Pioneer Parkway, Arlington, TX

6913 Camp Bowie Boulevard, Fort Worth, TX

18633 LBJ Freeway, Mesquite, TX

1333 Stemmons Freeway, Dallas, TX

5196 Rufe Snow Drive, North Richland Hills, TX

5430 Greatfare Drive, San Antonio, TX

6706 N.W. Loop 410, San Antonio, TX

9012 Research Boulevard, Austin, TX

6001 Powerline Road, Fort Lauderdale, FL

7887 N. Federal Highway, Boca Raton, FL

3001 Okeechobee Boulevard, West Palm Beach, FL

1400 N.W. 167th Street, Miami, FL

7795 S.W. 6th Street, Plantation, FL

10200 Quail Roost Drive, Cutler Ridge, FL

50 Orchard Road, Glen Burnie, MD

6610 Baltimore National Pike, Baltimore, MD

7989 Rossville Boulevard, Baltimore, MD

12011 Rockville Pike Road, Rockville, MD

4949 Allentown Road, Suitland, MD

2950 Gallows Road, Falls Church, VA

9325 Rosehill Road, Lenexa, KS

5420 Chouteau Traffic Way, North Kansas City, MO

3920 S. Noland Road, Independence, MO

8301 E. Washington Street, Indianapolis, IN

6250 West 38th Street, Indianapolis, IN

1401 S. Clearview Parkway, Jefferson, LA