SACKETS HARBOR, N.Y., Feb. 26, 2010 (GLOBE NEWSWIRE) -- Hackett's Stores, Inc. (Pink Sheets:HCKI), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA), announced today that its wholly owned subsidiary, HIIO (pronounced "H-2-0h"), may soon be commencing with its first store under the parent company's new concept. The new 20,000 square foot HIIO would be located near Glens Falls and Lake George, New York, which has both strong seasonal and year round commerce.
Herbert Becker, President of the new venture, stated, "It is important for the company to diversify its holdings and its exposure to particular geographic regions, and we feel HIIO is an exciting new platform to do this." Mr. Becker continued, "We have negotiated what we think is an acceptable lease, and we must now capitalize and staff the new entity if we are to move forward."
HIIO, Inc., which was formed in 2009, represents a platform for a new specialty retailer focused exclusively on fashion clothing and outerwear, footwear and selected gift items. Mr. Becker stated, "This streamlined and focused approach will also allow us to roll out stores with smaller and replicable footprints, which are easier to manage and control, and are easier for our customers to shop and enjoy."
Mr. Becker continued, "Having said that, I would also reiterate that our primary efforts continue to be focused on Patrick Hackett Hardware Company and getting the company successfully emerged from Chapter 11 protection.
Hackett's Stores, Inc. is the parent company of both HIIO, Inc. and Patrick Hackett Hardware Company.
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