SACKETS HARBOR, N.Y., March 11, 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, Patrick Hackett Hardware Company, has filed all the required schedules in its Chapter 11 case and expects that the motion for the hearing to convert the case to a Chapter 7 to be withdrawn soon.
David Antonucci, counsel for Patrick Hackett Hardware Company in the case, stated, "All of the actions that were requested by the court have been completed, and I am now confident that the motion will be withdrawn." Patrick Hackett President and CEO Herbert Becker added, "And as already stated, we are already working on and feel that in 30 to 45 days we can present 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 and HIIO, Inc. Patrick Hackett Hardware Company has a wide variety of merchandise and business lines, including a 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-branded stores opened to date.
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