Ames Department Stores to liquidate assets

| 8/19/2002

Ames Department Stores Inc. announced Thursday that the discount retail chain would liquidate and close all of its 327 store locations leaving 21,500 unemployed. Virtually all of Ames products are delivered by truck.

Subject to the approval of the bankruptcy court, the company expects to promptly designate a liquidator to conduct "Going Out of Business" sales at all Ames store locations.

According to Ames chairman and CEO Joseph Ettore, "slowness in the economy made it difficult to deliver sales volume to meet company obligations."

Founded in 1958, Ames is a regional, full-line discount retailer with an associate base of 21,500 and annual sales of about $2.7 billion. Ames operates 327 stores in the Northeast, Mid-Atlantic and Midwest.