SACKETS HARBOR, N.Y., March 15, 2010 (GLOBE NEWSWIRE) -- Hackett's Stores, Inc. (Pink Sheets:HCKI), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA), announced today that Hackett's wholly owned subsidiary, Patrick Hackett Hardware Company, has now heard from the United States Trustee's office and has been told that the motion to convert Patrick Hackett's Chapter 11 bankruptcy case to a Chapter 7 liquidation will be withdrawn at the March 23rd hearing.
David Antonucci, counsel for Patrick Hackett Hardware Company in the case, stated, "This is what we did expect but we are certainly glad to have now heard it directly. And we would like to thank the United States Trustee's office for communicating with us on the matter." Herbert Becker, President and CEO of Patrick Hackett, added, "This is great news, and we certainly will be sure to comply with any information requests from the court in a timely manner going forward. We will now focus on presenting the court with a plan for Patrick Hackett Hardware Company to emerge from Chapter 11."
Hackett's Stores, Inc. is the parent company of Patrick Hackett Hardware Company, WiseBuys Stores, Inc. and HIIO, Inc. Patrick Hackett Hardware Company has a wide variety of merchandise and business lines, including full service hardware, consumer electronics, equipment rental, brand name clothing, footwear, sporting goods and gourmet foods. HIIO, Inc. represents a concept platform for a new specialty retailer focused on fashion clothing and outerwear, footwear and selected gift items. There are currently no HIIO or WiseBuys-branded stores open.
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